Jamaica Gleaner: “Jamaica in ‘default'”
The international ratings agencies followed through to place Jamaica in default on announcement of the $700 billion debt-exchange programme, JDX, that is recalling 350 domestic bonds.
Jamaica Observer: “International analysts and rating agencies positive on Ja’s debt exchange”
BEARING in mind the overall exposure of bank of Nova Scotia to Jamaica’s sovereign debt, it is appropriate that the first international analyst to respond to Jamaica’s proposed debt deal was Scotia Capital’s New York based Joe Kogan, who sent out his response only one hour after the end of the PM’s speech on Wednesday night.
Jamaica Observer: “Jamaica’s Debt Exchange: At Last, Breathing Room for Development”
The Jamaica Debt Exchange may not be perfect, but this move by the Government to begin to rein in its debt interest payments reflects well the idea that “the perfect is the enemy of the good”.