Jamaica has successfully closed its debt exchange with a staggering 97% uptake but there are suggestions that the transaction is insufficiently comprehensive to actually strengthen the country’s unstable finances.
At the end of 2009, the Caribbean island’s debt-to-GDP ratio peaked at 140% and interest payments on the debt sucked up 65 cents of every tax dollar earned. With upcoming amortizations included, 100% of tax revenues would have been spent on the debt burden.
“Jamaica has got a balance sheet problem in the public sector.
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