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

Drug Kingpin Face Life

Two Caribbean smugglers who were designated by the White House as international drug kingpins were convicted on smuggling charges and could face life in prison, U.S. prosecutors said on Wednesday.

Both Jamaicans who were deported to the United States last year to face drug trafficking charges, were convicted of conspiracy to import and conspiracy to possess, with intent to distribute five kilo grammes or more of cocaine. They will be sentenced on May 23.

It is reported that Jamaican Leebert Ramcharan had a very sophisticated drug smuggling organization. It is estimated he received as many as 15,000 kilos of cocaine from the north coast of Colombia from 1998 to 2004, prosecutors said. See, I always thought it was the Columbian that ran things in Florida, but come to find out that Jamaicans were very prominent. That is really sad, again, having Jamaica associated with these type of activities cannot do any good for tourism.



The other man sentenced, Bahamian Samuel Knowles, who was extradited to Florida in 2006, was found guilty of two drug counts and ordered to forfeit nearly $14 million of illegal proceeds for bringing thousands of kilos of cocaine to the United States in 1995 and 1996, prosecutors said.