Jamaica is planning its second debt swap in three years in an attempt to reduce the staggering debt which is crippling the government.
The country’s debt is currently 140% of the nation’s gross domestic product. The ratio is one of the highest debt to GDP ratios in the world. The debt swap is being done in an attempt to appease demands of the International Monetary Fund. Continue reading
In data released Thursday afternoon, the Federal Reserve revealed that its holdings of U.S. government debt had increased to an all-time record of $1,696,691,000,000 as of the close of business on Wednesday. Continue reading
Belize, a nation located on the Caribbean Sea bordering Mexico and Guatemala, won a 60 day reprieve after making a bond payment, holding a full national default on debt at bay.
The nation paid $11.7 million to their creditors which fell short of the total $23 million due on debt interest that was due on Wednesday. The bondholders accepted the partial payment and said that they would delay taking legal action. Continue reading
The prime minister of France is calling for the French people to support the government as it tries to tackle a “crushing” debt crisis.
Jean-Marc Ayrault said the nation is preparing to deal with an “unprecedented” debt crisis. He said that anyone earning more than 1 million euros would be taxed at 75%. Continue reading
Just hours after Standard & Poor’s downgraded Spain’s debt, the beleaguered nation reported a record high in unemployment.
Official figures show an employment rate of 24.4% with over 5.6 million people looking for work. Continue reading