Where's the quid pro quo?
When the eventually stillborn plan by Jamaican financial institutions for the euphemistically labelled liquidity management scheme was in still embryo, this newspaper was championing a debt-restructuring scheme.
We held that the country's then $1.1 trillion public debt was unsustainable, was draining to the economy and that sacrifices were necessary all round. Others agreed. Indeed, investors are about to concede to a plan that will give them lower interest rates on more than $700 billion in government debt.
The Government has yet to offer bankable undertaking of good management in exchange for the sacrifices by investors. It is yet to table its fiscal responsibility legislation or to provide specifics on how it will cut public expenditure.
These things must happen now!
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