Prime Minister Perry Christie.
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
THE “meltdown” of opposition parties in the Bahamas is a reason to have confidence in the Progressive Liberal Party, Prime Minister Perry Christie suggested yesterday as he defended the performance of his government following Standard & Poor’s decision to downgrade the country’s credit rating.
Mr Christie’s comments came during a groundbreaking ceremony for a new public private partnership administrative complex in Grand Bahama.
Mr Christie pitched his party as a force of stability compared to its alternatives even as he became impassioned defending the actions his government has taken in the lead-up to S&P’s decision, which is expected to increase the cost of borrowing and could affect future investments.
He said: “…Watching what’s happening in politics, the meltdown of opposition parties, the instability that is being institutionalised, the hatred politically that is being manifested should (make people) watch the PLP to once again conclude that you don’t roll the dice with governance but you make conscious, considered decisions at how best to protect future generations of Bahamians (and) how best to manage the challenges of the day.”
Mr Christie said S&P’s decision was taken because of the government’s expenditure and borrowing in the wake of Hurricanes Joaquin and Matthew as well as S&P’s lack of belief that Baha Mar will bring its projected boom next year.
Mr Christie said Hurricanes Joaquin and Matthew were acts of God, and in their wake his government refused to let Bahamians suffer.
“Let’s acknowledge that when the rating agency speaks to expenditure not being sufficiently controlled, they also acknowledge that in part, that is due to the impacts and cost of hurricane restoration,” he said. “We’ve had an extraordinary experience in the Bahamas in having in the space of one year two major hurricanes. We’re talking about a country that has been devastated not by the decision of a government but by the allowance of God. There’s nothing we could’ve done other than to pray that nobody lose their lives.”
Mr Christie also seemed to tie the recent hurricanes to climate change.
“We have to accept the reality that climate change is here,” he said. “Even though there might be differences expressed in the country nearest us between an outgoing president and an incoming president, the Bahamas needs no further evidence that as sea-level rises five feet and stays at five feet, 80 per cent of the country disappears. The evidence is it has happened here in Grand Bahama where the waters have receded. The evidence is it has happened in Long Island but the water has receded. It has happened in Cat Island, flooding. It happened in New Providence just with Hurricane Matthew where the water came inland. So we don’t need to bring any new science into this. We know like the Pacific islands and the leaders of those countries in the Pacific, like us, low-lying islands in the Caribbean, that we run the risk of natural disasters overwhelming our countries. It has to be built into our budgets. And this is the challenge. My government faced with people losing homes, having major negative impacts on their homes, meaning lots of losses, could either pretend that it is not our fault, not our problem and allow people to scrap, even to die, or we decide philosophically that it is our obligation to govern this country, to do so along the lines of our constitution which raises the spiritual commitment.”
Earlier this week, S&P handed the Bahamas an unwanted Christmas present - a downgrade to “junk” status, reflecting the country’s worsening economic and fiscal position.
S&P’s action, based on the Bahamas’ weaker economic growth and slower fiscal consolidation pace, means that the country has lost its all-important ‘investment grade’ status, which is potentially highly damaging for the nation and its economy as it signals to the international capital markets that its creditworthiness is slipping into dangerous territory.
Comments
ohdrap4 7 years, 4 months ago
So is the Economy. Have mercy. call the election.
goodbyebahamas 7 years, 4 months ago
I can even smell the $hit coming out of his mouth in the photo above right threw the computer, he's filling my house with maggots and flies. His evil bastard continues to insult the intelligence of the good Bahamian people with his F-ing lies. Shut your big smelly mouth you F-ing lying piece of human $hit, we don't believe a F-ing word that $hit$ out of your mouth anymore; what a F-ing a$$hole. Five more F-ing days of looking at this God forsaken a$$hole's face in the news, this piece of greedy $hit is definitely one thing I won't miss about the Bahamas.
watcher 7 years, 4 months ago
Damn right ondrap - if he has the chutzpah, and was a real politician, he would seize the opportunity with both hands. But we all know that's not the case. And our Chinese overlords will be reviewing those contracts at Baha Mar with a fine toothcomb, looking for ways to redistribute them when the opposition is voted in. No point having the families of Christie, Hanna etc earning the big bucks when their influence could be diminished
thephoenix562 7 years, 4 months ago
Mr Christie said S&P’s decision was taken because of the government’s expenditure and borrowing in the wake of Hurricanes Joaquin and Matthew as well as S&P’s lack of belief that Baha Mar will bring its projected boom next year.
Its called denial.This is a wonderful learning experience. Ring da bell please.
John 7 years, 4 months ago
Even though the opposition parties may be in disarray, Christie need not blow his own horn or beat the election drums too loudly. The fact is that still many, very many Bahamians are disgruntled with Perry Christie and dissatisfied with the performance of the PLP government. The question is what choices will they make when faced with re-electing Christie and the PLP or taking their chances with a fractures opposition. Many believe that Chrisite and his government are sitting on too many dirty secrets (the dealings of Bah Mar being at the top of the list) and the only way to reveal them is to have his government removed from power. Of course that will spell the end to Christie's career in politics. As for global warming. It is more correct to call it "climate manipulation". Right now most of the USA and Canada is experiencing record low, below freezing temperatures with expectations that the winter has just started and will get worse. As more oil continues to be pumped out of the core of the earth, this will affect the climate, both because oil is placed inside to keep the earth cool and from overheating and when it is burned it heats up the atmosphere. Only economic reasons prevent major countries from switching to and using more renewable or greener energy sources. The Bahamas, for example, under the Chrisite administration is discouraging the use of solar power, and seems set on continuing to use bunker c fuel to power up the country. Bunker C is really waste material, sluge, that is being banned around the world.
concernedcitizen 7 years, 4 months ago
Yeah John good points ,but we know who supplies that toxic bunker C ,,,Our leaders are despots ,,nothing more ,,nothing less
concernedcitizen 7 years, 4 months ago
This man is slick as motor oil ..Ask him about the 1/4 billion that walked out the front door of BOB to friends and cronies or the 1.5 billion that went on the debt in 3 years before either hurricane .My friends we are being ruled by despots like African countries ,Russia or the Turks and Caicos before the Brits yanked out Missick ,
Alex_Charles 7 years, 4 months ago
Well if the country goes to crap he'll just move to Atlanta
Sickened 7 years, 4 months ago
Typical PLP talk... "We may be corrupt and incompetent, but you should vote for us because we are a stable party". WTF!!!
screwedbahamian 7 years, 4 months ago
The stated VAT income of $1billion, Stated cost for Hurricanes damages $400 million, do the math, explain where is the difference????. why does the government have to borrow funds to cover the Hurricanes damages that resulted in the Bahamas credit rating by the major rating agencies to the current rating of "junk " status, just like the words coming out of our politicians mouths. SERIOUSLY??/
Alex_Charles 7 years, 4 months ago
we've skyrocketed public expenditure. I recognize that the country has needs that need money to address but why is it that the PLP ALWAYS has the highest budgets and the largest deficits?
John 7 years, 4 months ago
Be sorry for those who go there after this government and try to dig this country out ofvthis economic abyss
JustSo 7 years, 4 months ago
Nigeria Says It Has Recovered $9.1 Billion In Stolen Money And Assets
@ John...Not as hard you may think. Bahamas needs to vote the PLP out, forensic audit the countries affairs and follow Nigeria's precedence in retrieving stolen money and assets and we'll have more money than we know what to do with!
http://www.huffingtonpost.com/entry/n...">http://www.huffingtonpost.com/entry/n...
SP 7 years, 4 months ago
Nigeria Says It Has Recovered $9.1 Billion In Stolen Money And Assets
@ John...Not as difficult as you think! Bahamas simply needs to follow Nigeria's precedence, get rid of the PLP & FNM pirates, audit the country and retrieve the billions stolen by the PLP and FNM pirates over the last 40 years.
http://www.huffingtonpost.com/entry/n...">http://www.huffingtonpost.com/entry/n...
Guaranteed we can recover more money and assets than we know what to do with!
Honestman 7 years, 4 months ago
So tell me Mr. Christie, what can the country expect if we re-elect you and your hapless cabinet for another five years? You have overseen FOUR downgrades of our sovereign credit rating since you hoodwinked a gullible majority of voters in 2012. Your party is clearly incapable of managing the country's affairs and yet you have the temerity to suggest that re-electing you and your misfits is the "safer option". Do you honestly think that the electorate will buy this nonsense next year? I don't care how disjointed the opposition is right now, the Bahamian people will NOT give the PLP another chance at governance. That really would be tantamount to the country committing national suicide. You are living in the last days of your calamitous regime. You and your party through criminality and sheer incompetence have brought this country to the stage where devaluation of our currency is a very real possibility. This is the legacy you will leave behind.
observer2 7 years, 4 months ago
Normally I consider most of what Christie says is crap. However his comments on global warming and rising sea levels in the Bahamas are spot on. However the conclusions are all wrong.
He concludes that "acts of God" caused the downgrade and leaves it at that. My issue is that the flooding in the Southern Bahamas will continue and accelerate and become more severe each and every year as 80% of the Bahamas disappears underwater before the end of this century.
S&P realiaes this and is warning investors of the calamities to come and to consider the Bahamas a high risk area. Never mind the corruptions, weak money laundering control, lack of fiscal reforms...the flood is coming.
Like Noah we need to prepare for it by moving Bahamians out of the low lying Southern Bahamas.
GrassRoot 7 years, 4 months ago
hedging against global warming locally: buy land on the West Ridge. It will go up in value with direct beach front potential in a couple of dozen of years.
proudloudandfnm 7 years, 4 months ago
So the storms caused this downgrade. What caused the other two?
I wouldn't hire Perry to run a garbage truck...
viewersmatters 7 years, 4 months ago
When would the PM realize that not because they rate the Bahamian people as D averages mean that we are actually D averages people who are gullible and desperate! What do the PLP know about better the Bahamas and the people... Bettering the Bahamas by giving crown land to lovers, family and friends and the people as in quoted by V Alfred Grey " our supporters" PLP support their supporters so in other words the hell with the Patriot Bahamians.. and hopefully the Bahamian remember that and at elections it should be the hell with PLP as well.
Well_mudda_take_sic 7 years, 4 months ago
The foreign component of our national debt has already gone well beyond the critical mass point. What The Central Bank has done by cutting the Discount Rate is simply acknowledge that we are now well along the path to a devaluation of the Bahamian dollar. Once a 'soft' currency like the Bahamian dollar becomes of no value to Bahamian savers in an economic environment where there are only very high risk alternative investments, including now real estate that will almost certainly result in losses for most of those investors who foolishly feel compelled to chase higher yields, it is not too long before the roosters come home to roost. Lowering BSD borrowing costs to (i) help keep the government's finances afloat and (ii) force private sector savers to invest (squander) their capital in high risk, typically non-productive and loss making, investment alternatives, does absolutely nothing to put our country on an even keel and everything to speed up the timetable for an inevitable devaluation. Our corrupt Crooked Christie-led PLP government has chosen to take the easy road that so many other failed countries have taken to their ruination.
bahamalove 7 years, 4 months ago
Didn't Mr. Christie say something similar to the statement that Bahamians could pray to God for help but we still gatta come to him in the end. Well Mr. PM you can't have it both ways! Don't blame God for your bad governance! This is on you and your band of incompetent acolytes. Bahamians are now looking to you for solutions that you don't have!.
TalRussell 7 years, 4 months ago
Comrades! From reading the disparaging posts against the prime minister, I can only hope some of you are but conflicted by what you post. We can disagree even to the stage of a meltdown with the PM's politics and still maintain respect for the nation's high office holder. Can you at not try give importance to the degree that the issues the PM is confronted with on a daily basis demands.
concernedcitizen 7 years, 4 months ago
Tal a 1/4 billion dollars walked out the front door of BOB ,,much of it from our NIB contributions that they keep using to keep BOB liquid so they can loot some more ..Time for polite talk is done ..These are a corrupt bunch of thieves ,robbing us and our children and grand children blind ,,nothing more nothing less
TalRussell 7 years, 4 months ago
Comrade ConernedCitizen to the credit PM Christie and the former PM Papa Hubert, I think the general agreement among Bahamalanders is there has been zero evidence that either have financially enriched themselves from public office. That is a true testament to the ethics both former law partners. Their net-worth is not unreasonable for two partners in the practice of law. In fact some may say they both can write a book on how not to retire from politics with less than you started out with? Comrades, sometimes we have give credit where and to whom it is due, even when we disagree with their politics.
concernedcitizen 7 years, 4 months ago
Its happening on his watch .I Captain recently for a well known black American talk show host that owns property here . He had a proposal for energy production for the family islands when he told me the shake downs he went through and the "bagman " and another MP that he kicked off his boat I was shocked and embrassed.He also told me who got prime high end condos over looking central park from the Chinese ..its to the top .When another Bahamian said Bro be careful talking so loudly he said "I can go on CNN tomorrow ,I have no fear but first I want to sell my property here "" One of the shakedowns was get him to give a certain MP a 100 computers at a time for the schools ,he later found out the MP relative was selling them out of a store ..Sorry Tal they are crooks plain and simple ,,graft is not always cash many times its high end real estate in a company name .Why do you think they use shady foreign consultants for everything ,,to get dollars out of here in foreign currency .
concernedcitizen 7 years, 4 months ago
Tal is the PM not finance minister ,,BOB is Development bank all over again ,loans that will never be paid back to friends and cronies ,,that's theft ,,330 odd thousand for less than 10,000 dollars of Christmas lights and plastic ,,that's theft ,,NIB money into a bank ,BOB , that's running a 46% default rate ,,that is theft ..100million taking off BOBs books and put in Bahamas resolve ,did you see anything gazetted of Bahamas resolve putting claims against anyone ,,that is theft
TalRussell 7 years, 4 months ago
Comrade ConcenedCitizen, you does realize bad political lending policies didn't just start PLP's.
concernedcitizen 7 years, 4 months ago
Its not bad political lending ,,its out and out theft ,,there is no intention of paying it back ..From the peoples saving bank ,to the development bank , to the city market pension ..48 million from road traffic ,,heads should roll .We now know why Ingraham cut Watson loose ..And yes the UBP enriched themselves ,,but they didn,t collapse the country ..What do you think the Atlanta experiment of trying to make the PM daughter a star is costing us w/ attaches and chaufers etc ,,that's theft of our money ;;
goodbyebahamas 7 years, 4 months ago
Comrade Russia, are you in such denial that you won't except the fact that vomit Christie is steal from us? Doesn't the evidence of the X-Mas lights cost give you enough proof that vomit Christie doesn't give two $hit$ about you and the Bahamian people; are you that blind? You don't see the decay around you, are you here in Nassau? Isn't your F-ing car falling apart from all the F-ing potholes, are you even in this country?
OMG 7 years, 4 months ago
Given that the Bahamas has been and always will be at risk of hurricanes would it be remotely possible that any sane well managed government could have amassed an emergency fund by putting money away every year. The debacle of Carnival was wasted money, the money spent on the Bay Street decoration is wasted money. Multiply these and more money wasting schemes over the years and the sum of money that could have been saved is enormous.
sheeprunner12 7 years, 4 months ago
The way that Hubert Minnis has handled the crises in the FNM (started by Hubert Ingraham in 2012) must be commended ............ PLPs should have mutinied against an incompetent Perry Christie a long time ago .......... but he preserves the gravy train for the PLP crooks
Hubert Minnis has proven that he has the ONIONS to be a more proactive and transformative PM .............. as opposed to an old despot Perry, and the UBP moneymen's puppeteers (LBT & Bran)
Economist 7 years, 4 months ago
On the contrary, Minnis has yet to take a stand for Bahamians in the HOA.
Nothing on what is missing in the FOIA.
Nothing on the NHI which he, as a doctor has to fully understand tat we can't afford it but has never said so or why.
Minnis has proven that he is useless.
hallmark 7 years, 4 months ago
I will happily take my chance with the "meltdown" crew. They couldn't do worse.
truetruebahamian 7 years, 4 months ago
I will also, Hallmark!
SP 7 years, 4 months ago
................................................... 110% With Hallmark ........................................................
Opposition parties in meltdown or not, nobody could possibly be worst than Christie's crew of pirates!
Every opposition party beating the same PLP corruption and lock them up drums. They all sound like the right course of action to me.
We need to put these PLP pirates in Fox Hill prison where they belong!
Alex_Charles 7 years, 4 months ago
From Trump to Christie we have completely stupid fucks running countries. Under this government I see no way out. This country will see economic collapse if the PLP wins again. Now is the time for Bahamians who can to leave the country to pack their bags and get out. All the shit we used to talk about Haitians? We may find our country in the same shit following this complete jackass who can't balance a budget. This PM is a pretender, just like he pretends to be straight, he pretends he know what the hell he is doing with the future of our people.
My God, he's finally done it.
SP 7 years, 4 months ago
...................... Time To Remove The PLP And Forensic Audit The Country ....................
Everyone agrees corruption is endemic throughout the political class and chronically systemic embedded in our country.
Managing the peoples business and country is no different than managing any other business.
The decrepit state of the country and our decimated people are living testimony of the abject failure and numbing corruption which has brought Bahamas from a prosperous nation to this war zone, broken cesspool we now live in.
Moving forward, in order to right the countries trajectory the only conceivable resolution to restoring investor confidence and saving the country is to remove the PLP and carry out a forensic audit of the countries business and punish all guilty parties to the fullest extent of the law.
Nothing else will suffice!
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