0

Christie Playing A "Dangerous Game" With Moody's Over Potential Downgrade, Says Butler-Turner

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

LONG Island MP Loretta Butler-Turner chastised Prime Minister Perry Christie on Friday for his "delusional and incoherent" response to the threat of possible downgrade by rating agency Moody's.

Emphasising critical economic challenges, Mrs Butler-Turner accused Mr Christie of deflecting responsibility for the "spectacular blunders and policy mistakes which have wrecked our economy".

"Despite the economic mess we are in," she said, "mostly because of the disastrous leadership of Christie and the PLP, the Prime Minister continues to live in a bubble and in a world of make-believe and fantasy."

Mrs Butler-Turner said: "The Prime Minister and Minister of Finance says he will meet with officials of Moody’s and provide them with good information, presumably to help them in assessing the state of the economy and his government’s plans to boost a stagnant economy and reduce unemployment."

Mrs Butler-Turner questioned whether Mr Christie had previously withheld information from the public and international financial agencies.

"If Mr Christie is in possession of certain critical information why didn’t he share it previously in order to forestall a possible downgrade warning to junk status by Moody’s?" she said. "Has he been trying to fool both domestic and international audiences? If so, he’s playing a dangerous game."

Moody’s pointed out last Friday that “debt accumulation” has continued to increase, with the government consistently failing to hit its budget projections, and the adequacy and effectiveness of its policy responses to the Bahamas’ problems.

Moody’s warned that any potential downgrade could be “by one notch or more.” The country currently has a ‘Baa2’ rating, two notches away from being cut to so-called “junk” status - a position in which it will lose its existing investment grade status.

Mrs Butler-Turner said: "Any attempt other than to be fully transparent with international credit agencies and financial institutions would do further damage to the economy. Perhaps Christie has no new information or any significant information which will forestall a downgrade. Perhaps he’s simply playing games.    

"The Prime Minister cannot use charm and sweet talk to fool international agencies which require facts and real plans, rather than pie-in-the-sky talk and delusional thinking by a government whose credibility continues to be downgraded day-by-day."

Comments

Publius 3 years, 10 months ago

Yet another FNM who does not get it, yet wants the top spot in the country.

0

Honestman 3 years, 10 months ago

Exactly what doesn't she get? You should save your ire for the delusional and incompetent Perry Christie, the man leading The Bahamas to the edge of the precipice.

2

OMG 3 years, 10 months ago

Seem to remember that Perry kept promising and promising that the mew mega hotel was going to open and sort out all the problems and you still believe him when he says we have nothing to worry about re a downgrade. God help us all if you still believe anything he says.

1

OMG 3 years, 10 months ago

Seem to remember that Perry kept promising and promising that the mew mega hotel was going to open and sort out all the problems and you still believe him when he says we have nothing to worry about re a downgrade. God help us all if you still believe anything he says.

0

proudloudandfnm 3 years, 10 months ago

Perry has no idea what to do. He has no idea what Moody's even does. The man is an empty suit. Minnis is an empty suit.

We really are in deep trouble....

0

jamesg30 3 years, 10 months ago

Doesn't matter what Loreta wants or what you want, or the person next to you wants. The country is about to enter the status of JUNK status with Moody's and that comes with costs and consequences. VAT kicks in and the goverment spend at twice the rate of the incoming revenue. What do they have to show for it? New roads, I bet the PM Hospital is running like a fine watch. Crime is under control, the downtown has not been destroyed by an out of scale monstrosoid chinese hotel, the goverment transperency legislation is moving right along, no knows how much back taxes are owed by land owners that are in the "in crowd", or BEC customers with outstanding bills that are connected to the " in crowd" that will get around to paying their bills some day, while the little old lady next door has her power turned off. What the hell is going on around here? I will tell you. Bunch of thieves padding goverment and "private" contracts and loading up their pockets on the side. This trend will have years of negative revurberations for the Bahamas. Especially as the cost to stay at a N.P.hotels are 40% higher than any other cariberan location and Cuba is ready to come on line. Time to stop feeding at the trough and time to get back to taking care of the peoples business and "peoples" does not mean you brother, sister, son, or husband.

1

Sign in to comment