Home | About | Donate

Grenada Reaches Debt Deal as Caribbean Mired in Debt Problems


#1

Grenada Reaches Debt Deal as Caribbean Mired in Debt Problems

Jubilee USA

WASHINGTON - Grenada agreed to a debt plan with its Caribbean island investors that will result in a 50% reduction in the value of existing Grenada investment bonds. The deal offers investors a portion of future revenues from a government program designed to attract foreign investment. Although the deal addresses about $262 million in debt, the International Monetary Fund (IMF) reports that Grenada's total debt tops $907 million. According to the Central Intelligence Agency, nearly 40% of Grenada's population lives below the poverty line.

###