Sun | Apr 30, 2017

Jamaican debt

Published:Thursday | August 6, 2015 | 8:00 AM

THE EDITOR, Sir:

During my days at Merrill Lynch, I studied the Jamaican debt issuance.

Jamaican debt issuance has primarily been pushed by banks and certain persons simply as a manner to generate revenue with the possibility of taking over assets in the event of a default.

From inside the institutional walls, much debt issuance by third world countries serves only to enrich the already rich and enslave the poor.

The result is a hybrid of Greece's problems for Jamaica 'Jamshackles'.

The International Monetary Fund and World Bank are full of bureaucrats who are like many unemployed PHDs and MBAs.

Jamaicans should revolt and refuse to take on this debt as they never were consulted properly.

CHRISTOPHER HILL