Almost one year since Forbes called Barbados ‘Cyprus West’ – have we changed for the better?

Barbados Finance Minister Sinckler

Has Finance Minister Sinckler done the right thing… or is the situation so far out of hand that no government could be effective now?

Barbados, “the Jewel of the Caribbean,” the tiny easternmost island in the Lesser Antilles with 288,000 year-around inhabitants and lots of very rich foreign visitors and investors, is in the throes of a financial meltdown.

While its entire GDP is now only worth about $4.2 billion, and its population is smaller than that of Duluth Minnesota, this crisis is worth examining closely. For here we have a very precise example of the “finance curse,” where excessive dependence on high debt, an aggressive offshore haven industry, very low tax rates for high-net worth investors, foreign companies, and banks, and high tax rates for everyone else, have essentially brought this little country to its knees.

… from the December 2013 Forbes online article Postcard From Barbados — a.k.a. ‘Cyprus West’

See BFP’s January 2014 article Happy New Year 2014: Forbes announces that Barbados is on its knees, in a financial meltdown.

 

4 Comments

Filed under Barbados, Disaster, Economy, Offshore Investments

4 responses to “Almost one year since Forbes called Barbados ‘Cyprus West’ – have we changed for the better?

  1. jennie

    Sent from Samsung Mobile

  2. Party Animal

    We knew, ” They know not what they do.” Yet we voted them back in ?
    What a surprise to us all. We deserve what we get.
    I cannot believe that we continue to allow them to keep sailing right on into the middle of nowhere.
    We should have down our tools like the St. Lucians one year ago and send them home. Now what are we waiting for ? the inevitable – IMF- Devaluation. Then we will all Suck Salt.
    I cannot believe this is happening to this Country. One, that the rest of the World looked up to, a Roll Model now down in the Dumps, sorry, at the bottom of the Dump.
    What a sorry ASS situation we have come to ?

  3. John Hanson 1781-1782- I SERVE1788- 1792 BARBADOES

    He can not hide the land fraud and the taxes not to come in from clear title deeds,
    New VAT and TAXES will not work , unless you go 40 to 50 % taxes and vat to cover up Massive land fraud tax base that you not getting ,

    Violet Beckles getting your ass now and MIA and Owen not off the hook ,

  4. The Problem

    Who will lead you.Get a grip.