No more defaults

Davies warns against another JDX

THE BRUCE Golding administration has been given a stern warning not to contemplate another Jamaica Debt Exchange (JDX) initiative.

In early 2010, the administration entered into a debt-exchange programme with holders of government instruments.

But yesterday Opposition Spokesman on Finance, Dr Omar Davies, cautioned that the parliamentary Opposition would not stand idly by and allow the implementation of JDX 2.

"There is an issue which I have heard increasingly bandied about, and I say very, very calmly and with all good intentions to the minister, let us not even contemplate taking any such step. I am referring to the possibility of JDX 2," Davies declared during his contribution to the Budget Debate.

Finance and Public Service Minister Audley Shaw had dismissed the notion of JDX 2 during the recent meeting of the Standing Finance Committee of Parliament.

Davies sought to downplay the "success" of the JDX, saying: "Whatever the PR treatment, the JDX was a default, and few persons go around boasting of the efficiency of their default.

"We worked too hard to establish Jamaica's creditworthiness to sit idly by and see it destroyed," Davies added.