IMF Wanted 25% Haircut On Debt, Says Byles; NDX Seen As Lesser Of Two Evils

The Jamaica Gleaner is reporting that “Big bank Scotia Group Jamaica and top insurer Sagicor Life Jamaica have separately announced an acceptance of the Government’s debt exchange in order to effectively avoid what one called an IMF-imposed haircut.”

The Gleaner reports;

The NDX agreement is seen as more attractive to what would have been a IMF-imposed haircut of 25 per cent on all bonds, said Sagicor Life President and CEO Richard Byles at a Sagicor Breakfast Forum on Friday [Feb 15, 2013] at Terra Nova Hotel in New Kingston. It would have slashed debt to GDP from 140 to 110 per cent, he added.