A growing number of Caribbean countries are likely to renege on their debts as the region runs out of options to tackle its limp economic growth and dismal state finances, Moody’s has warned.
Since 2010, Antigua and Barbuda, Belize, St Kitts and Nevis, Grenada and Jamaica twice have had to restructure their government debts, but the rating agency predicted that more nations would face similar challenges.
At the moment, we see a high probability that Belize and Jamaica will relapse into default.”
http://www.ft.com/cms/s/0/528cacc6-c063-11e2-8c63-00144feab7de.html#axzz2TsM9CPgK
Alternate link
Warren's Blog 
I realize the link does not appear to be working so folks go here
https://www.google.com.jm/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDIQqQIwAA&url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F528cacc6-c063-11e2-8c63-00144feab7de.html&ei=Bb-aUarpG4rK9gSgoYHoDg&usg=AFQjCNFaJqfmwGdL69MnzRmEsN7rPvyH9Q&bvm=bv.46751780,d.eWU
This latest news is causing jitters in financial circles and thoughts of Cyprus comes immediately to the minds of some.
Word is with talks of possible haircut given the feeling that JDX#2 and 3 will not work, there could be more pressure on the dollar once again.
Word is the”monied” class is worried and could be moving to take a huge chunk of dollars out of the banking system, which I am told could create a situation not too dissimilar from what occurred in the 1990’s.
Other are of the feeling that the Government must move with urgency to dispel any notion that we could have a “Cyprus” in Jamaica and ensure that stability is maintained in the financial sector.
Why should we be surprised? The basic structure is the same. All we have been “allowed” is to take on more debt. Until those who profited while been irresponsible and greedy are asked to return money generated from the Jamaican Ponzi Scheme nothing will change.
Finance Ministry, IMF Briefing Today
http://jamaica-gleaner.com/latest/article.php?id=45048
I am not sure why anyone is surprised about this article. Jamaica has had TWO defaults already – some folks like to call them by fancy names (JDX and NDX), but they are defaults.
The next default (which we avoided recently) is the haircut on peoples’ principal; the next one after that will be garnishing of people’s savings (as occurred in Cyprus recently).
Only the uninitiated will keep their money in $JMD, in Jamaica. What needs to be appreciated is that Jamaica is on a trajectory to hell, since we got “independence”.
Call the Rev Stanley Redwood whatever names you choose, but an idiot he is not!
Mich,
I must say I share your sentiments.
How much longer can we avoid the inevitable ?
Run if you can, stay if you cannot ?
Sent from my BlackBerry® wireless device from LIME.