CaribWorldNews, GEORGETOWN, Guyana, Mon. Mar. 29, 2010: Guyana`s President Bharrat Jagdeo has reiterated his call for urgent debt relief for the Caribbean by international financial institutions.
The Guyana head of state and head of a special task force of the Caribbean Community to assess the financial crisis in the region said Friday that the Caribbean is on the verge of bankruptcy.
He told a media conference that the region`s debt situation is worsening as many countries are spending more on servicing external debt than their national revenue.
`The region is heading towards bankruptcy if countries could be declared bankrupt, many of the countries simply cannot pay their way, and they can`t meet recurring cost and pay their debts, unless there is radical restructuring or increase sources of revenue, the situation will get worse,` President Jagdeo declared.
He blamed poor productivity and the heavy debt build up in the region for the current situation but said this was exacerbated by the global financial crisis as the demand for exports, remittances and tourism were negatively impacted