Video: Paula Cox “Debt is Neither Bad or Good”

February 28, 2010

Five days before the 2010/11 budget was released, we heard the Minister of Finance the Hon. Paula Cox speak at a PLP town hall on the subject of Bermuda’s debt.

Minister Cox begins by saying:

For starters, debt is neither bad nor good. There is nothing inherently wrong with debt, in fact in some cases it’s said to be beneficial. Because all debt is, is a means of shifting your cash flow from one period to another.

Watch the video for her full statement on Bermuda’s debt:

On February 5th of this year, Minister Cox compared Bermuda’s debt/GDP ratio to other nations, showing that Bermuda compares favorably in that aspect:

  • Bermuda: 11% of GDP
  • Cayman Islands: 19.8% of GDP
  • Switzerland: 44.4% per cent
  • United Kingdom: 71% of GDP
  • United States: 83.9% of GDP

Minister Paula Cox is a lawyer by trade, working as Corporate Counsel at ACE Limited. She was previously Vice President and Senior Legal Counsel of Global Funds Services at the Bank of Bermuda.

She earned a Bachelor of Arts Degree in Political Science from McGill University, and a post-graduate Diploma in International Law from the University of Manchester, England.

Minister Cox is the daughter of the late Eugene Cox, who preceded her as Minister of Finance.

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