PetroCaribe Debt Buyback a Bad Move – Holness

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Opposition Leader Andrew Holness, says Jamaica should not have gone the route of the Dominican Republic, in buying back its Petrocaribe debt from Venezuela.

In January this year, the Dominican Republic bought its USD$4-billion Petrocaribe debt from Venezuela, for only USD$1.9 billion, a discount of about 52%.

But according to Mr. Holness, the Dom Rep could have done such a deal, because it has a much stronger economy than Jamaica.

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Mr. Holness says the international capital markets are only praising the deal because it means more money for them from Jamaica.

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