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PNP regrets financial sector meltdown

Published: Friday December 16, 2011 | 9:45 am with audio | Comments 0

Livern Barrett, Gleaner Writer

The People’s National Party (PNP) is seeking to assure members of the private sector they will not see a return of the high interest rates of the 1990s.

The Party’s Spokesman on Finance Dr Peter Phillips, who gave the commitment during last night’s debate, conceded that the 1990s meltdown came at huge costs to the country, but said the government still managed to help all depositors.

Economic analysts have argued that the high interest rates that existed during the 1990s were responsible for the collapse of close to 40 financial institutions and hundreds of businesses.

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Dr Phillips said the PNP regrets that many persons lost their businesses, but insists there will not be a repeat under a PNP government.

However, Dr Phillips’ opponent, Finance Minister Audley Shaw was sceptical of those assurances and raised questions of the Opposition’s credibility.

livern.barrett@gleanerjm.com

Listen to Audio clip
PNP spokesman on finance, Dr Peter Phillips.
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