Some good thoughts on Jamaica’s debt crisis and a damning Chicago Tribune editorial, courtesy of blogger Annie Paul. Worth a read.
There’s been a bit of an uproar in Jamaica ever since the Chicago Tribune published an editorial on Jan 8, 2013, comparing Jamaica’s parlous financial state to that of Greece, considered the biggest loser of 2012. Provocatively titled Jamaica’s Debt Hurricane the editorial drew attention to Jamaica as another Greek tragedy waiting to happen:
Americans concerned about the impact of public debt on the global recovery have focused — with good reason — on Greece. Closer to home, however, the tourism mecca of Jamaica illustrates the catastrophic effects of borrowing way too much, and the painful choices that follow. This saga, less familiar than Greece’s, is a lesson for lawmakers in the U.S. and elsewhere.
The Caribbean nation actually is in worse financial shape than Greece: Jamaica has more debt in relation to the size of its economy than any other country. It pays more in interest than any other…
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