Patrick Hoyos: Side effects from the drug of borrowing money

Estwick Gun

Barbados Minister of Agriculture David Estwick should stick to doctoring crops

I like to watch those drug ads on American TV in which the part at the end that starts with “Do not take such-and-such if you are, etc…” takes longer to recite than the part telling you about the benefits of the product at the beginning.

During this part of the ad you are warned of imminent serious side effects or even death from taking said drug if you happen to have any one of perhaps a dozen other ailments besides the one it is supposed to treat. But at the same time there are scenes of the happy patient enjoying a sunny life with his or her family, obviously not having any of the grim preconditions being read out as fast as possible by an anonymous voice.

I was reminded of these ads when reading the presentation to the Cabinet by Minister of Agriculture Dr. David Estwick, the text of which was published recently in the NATION.

The symptoms were outlined: Patient Barbados broke, mired in debt, can’t pay bills. Diagnosis: It needs a lot of money fast.  Prescription: Swallow US$3 billion from the United Arab Emirates and wake up feeling a whole lot better in the morning.

… read the full Broad Street Journal article by Patrick Hoyos: Take three billion and call me in the morning


Filed under Barbados, Economy

3 responses to “Patrick Hoyos: Side effects from the drug of borrowing money

  1. Old Rooster

    How did the UAE come into the picture? What do they want from us?

  2. robert ross

    “No-one will come.” Sorry, what did you say?

  3. Claire

    Fact, # 1, Barbados private sector largely depend on government. It is not strong and independent!
    Fact # 2, government is now servicing debt with 62 cents out of every dollar;
    therefore it has little money left to spend;
    therefore businesses will suffer massively;
    In addition to this the taxes levied to raise revenue will finance less than two thirds of the estimated government spending for this year leading government to borrow the rest, approximately 1400 million or 1.4 billion;
    People have little or no spending power given the layoffs and massive taxation.
    What alternative to restructuring do we have that will not lead to economic collapse.
    Which financiers that will offer good conditions?