Thought Jamaica was bad? Belize is undergoing its second debt restructuring after missing coupon payments and defaulting on bonds. The Guardian reports;
Final terms for bringing Belize back on track with its debt obligations were announced by Prime Minister Dean Barrow as he piloted Government of Belize External Debt Restructuring Motion through the House of Representatives. According to the details within the bill, the Belize government proposes to extend maturities and cut the coupon on the country’s US$544 million of defaulted debt as part of the country’s second debt restructuring since 2007.