CL Financial experience bailout setback

The Trinidad Government said its now experiencing a setback in its attempts to pass the Insurance and Central Bank Amendment Bills.



The Bills should facilitate the bailout of one of the Caribbean’s largest companies, CL Financial.



A constitutional majority is needed to have the bills passed.



However, dismissed housing minister Keith Rowley has refused to follow the ruling party line.



Dr. Rowley said he would only support the bill if the government withdraws a statement made recently at the commission of inquiry into the construction sector.



The lower house was adjourned last night to give the government the opportunity to lobby the opposition and for Dr. Rowley to reconsider his position, which is seen as critical to Trinidad and Tobago\'s economy.