Hashtag: #BermudaDebt
OBA: Debt Levels Grown Over 700% Since 2005
[Updated with video] Government’s interest payments on the debt amount to $230,000 dollars a day, which take away its ability to fund other areas such as public services, support for teachers, and ferry/bus maintenance, OBA candidate and spokesman for the Shadow Board on Finance Sylvan Richards said at a press conference this afternoon [Aug 29]. A... Read more of this article
PLP Accuse Bob Richards Of ‘Flip Flopping’
[Updated] The PLP have accused Shadow Finance Minister Bob Richards of a “flip flop” following his comments about the Cayman Islands decision to implement a special tax on ex-pats. Cayman Premier McKeeva Bush said he did not want to impose the tax, but he had no choice because the United Kingdom was demanding a sustainable budget. The new... Read more of this article
BSX Approves Government $475 Million Notes
The Bermuda Stock Exchange [BSX] today [July 3] announced the approval of the listing of the Government of Bermuda’s US$475 million 4.138% Senior Notes – Due 3 January, 2023. The listing is effective from the date of the closing and delivery of the Notes, 03 July, 2012. The purpose of the Offering of the Notes is to repay short-term indebtedness... Read more of this article
Cox: ‘Further Spending Cuts Will Weaken Economy’
“We will continue to press ahead with important investments in infrastructure which will bring jobs, income, and new opportunity to Bermudians,” Premier and Minister of Finance Paula Cox said on Friday [June 28]. “I remain committed to bringing enhanced efficiency to the civil service, and freezing spending at current levels,”... Read more of this article
PLP: ‘We’ve Made $1.38B Capital Investment’
“Contrary to the claims by the OBA, we’ve made $1.38 Billion of Capital Investment in Bermuda and Bermudians,” the PLP said in a statement issued last night. On Tuesday [June 26] Fitch Ratings downgraded Bermuda to ‘AA’ from ‘AA+’ citing “deteriorating fiscal and government debt ratios and lack of a credible... Read more of this article
OBA: ‘Damning Judgment On The Government’
Fitch’s downgrade of Bermuda is a “damning judgment on the Government’s financial stewardship,” Shadow Finance Minister Bob Richards this afternoon. Yesterday [June 26] Fitch Ratings downgraded Bermuda to ‘AA’ from ‘AA+’ citing “deteriorating fiscal and government debt ratios and lack of a credible fiscal... Read more of this article
Fitch Rates Bermuda’s 2023 Global Bonds ‘AA
Fitch Ratings has assigned a long-term foreign currency rating of ‘AA’ to the Bermuda Government’s $475 million Global bond maturing in 2023. Yesterday [June 26] Fitch Ratings downgraded Bermuda to ‘AA’ from ‘AA+’. Later that morning the Bermuda Government raised $475 million in 10-year bonds at 4.13% interest.... Read more of this article
UBP: ‘Government Failed To Save For Rainy Day’
“We have repeatedly suggested that the PLP government should take ownership for the impact of its overspending which facilitated the huge mountain of debt,” UBP MP Kim Swan said last night. Yesterday [June 26] Fitch Ratings downgraded Bermuda to ‘AA’ from ‘AA+’ citing “deteriorating fiscal and government debt... Read more of this article
Government Borrows An Additional $180 Million
[Updated] The Bermuda Government today [June 26] raised $475 million in 10-year bonds at 4.13% interest. $295 million will be used to refinance existing debt at a lower interest rate, with $180 million representing new debt. This followed a roadshow by the Government across Europe and the United States which included Financial Secretary Anthony Manders,... Read more of this article
PLP Support Continued Infrastructure Investment
Following Bermuda’s downgrade by Fitch, the Progressive Labour Party said they feel it is “important that the Bermuda Government continue to press ahead with its investments in infrastructure which will bring jobs, income and new opportunities to Bermudians.” Fitch Ratings released a statement today [June 26] saying they have downgraded... Read more of this article
Fitch Ratings Downgrades Bermuda To ‘AA’
[Updated with Premier/OBA response] Fitch Ratings has downgraded Bermuda’s Long-Term Foreign Currency IDR to ‘AA’ from ‘AA+’, and Long-Term Local Currency IDR to ‘AA+’ from ‘AAA’. A statement released by Fitch today [June 26] said, “The downgrade of Bermuda’s ratings reflects its weak... Read more of this article
Government To Meet With Potential ‘Investors’
[Updated] The Bermuda Government issued a statement saying they will be “meeting domestic and international investors to provide an update on economic/fiscal developments in the Country, and also as part of its process of evaluating market conditions and potential funding opportunities to address its borrowing requirement…” Shadow... Read more of this article
Fahy: Increase Business To Create Jobs
Speaking in the Senate this morning [Mar.21], Senator Michael Fahy said the One Bermuda Alliance would address the debt by increasing opportunities for international business which will create jobs and increase payroll tax collected. “We would streamline the work permit process all the while protecting jobs for Bermudians and enhancing opportunities... Read more of this article
Burt: “Investment In Our People’s Future”
“This PLP Government has invested in our people and invested in Bermuda. These are investments in our people’s future, and just like a mortgage, will be paid over time,” said Junior Minister of Finance Senator David Burt in the Senate this morning [Mar.21]. Senator Burt said, “Long-term economic growth results from the investment... Read more of this article
Premier: ‘Debt Represents Investment’
The debt that “the OBA screeches about represents investment in Bermuda’s future,” Premier and Minister of Finance Paula Cox said today [Mar.2] following the Opposition’s Budget 2012 Reply. Shadow Finance Minister Bob Richards noted the 2012/13 Budget “adds a staggering $200 million to our debt” and provided a chart showing... Read more of this article
Richards ‘Very Disappointed’ In Budget
[Updated] Shadow Minister of Finance Bob Richards and Opposition Leader Craig Cannonier spoke about today’s [Feb.24] budget saying it seemed like more of a “story” then dealing with reality. Mr Richards said, “The Budget did not have a great deal of substance I am afraid. We have very critical issues facing Bermuda, involving how... Read more of this article
