Grenada says it can't make upcoming debt payments - WAOW - Newsline 9, Wausau News, Weather, Sports

Grenada says it can't make upcoming debt payments

ST. GEORGE'S, Grenada (AP) -

The government of Grenada is warning that it does not have the funds to make a scheduled bond payment on March 15 and will seek to restructure its debt.

   A statement issued late Friday says that the economy of the southern Caribbean island has been severely affected by the global financial crisis and that its public finances are "currently unsustainable."

   Grenada had to borrow to make a delayed $4.4 million payment on a September coupon for $193 million in bonds due in 2025. That prompted Standard & Poor's to downgrade Grenada's foreign currency credit rating.

   Now, another payment is coming due on the 2025 bonds and the government says borrowing is not an option. Newly re-elected Prime Minister Keith Mitchell says the country needs a "fresh start" with creditors.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WAOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Chief Engineer Russ Crass at 715-842-2251. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at