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Thursday, August 13, 2009

Jamaica will not default on Foreign Debt

This announcement was made by Prime Minister Bruce Golding criticized a credit rating downgrade of Jamaica by Standard & Poor's and said on Tuesday there was "no chance" the nation would default on its foreign debt payments.

Golding, speaking to a group of private sector investors, said the rating agency's move, which could drive up the island's borrowing costs, was unwarranted.

"Based on discussions we've had with S&P, it is clear that the primary factor which prompted the downgrade was what the agency referred to as the fear of 'selective default'," Golding said.

Jamaica cannnot afford to default on its debt. Tourism is down, but hopefully with the economy globally taking a turn that Jamaica will see brighter days.

SOurce: Reuters

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