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The views expressed herein are those of the writer and do not necessarily represent the opinions or editorial position of iWitness News. Opinion pieces can be submitted to [email protected].  

After reading the current Moody’s outlook report on St. Vincent and the Grenadines, I no longer will be able to believe any Moody’s report about any country anywhere.

Anyone living in SVG knows things have never been worse. Businesses are closing at an alarming rate. We have a government that has bankrupt the country. Our banks are in trouble having to hoist charges on deposits that the depositors refuse to pay and are withdrawing their money and closing accounts.

When the Argyle airport opens, the government will never be able to fund the running of it or be able to suffer the huge losses that it will generate. Not one single international airline has registered to fly into Argyle. The Cuban engineer has refused to sign off on the airport because of a possible extremely dangerous condition of the runway. The landowners at Argyle still have not been paid for their lands and no proposal has been made to pay them after in some cases nine years.

The PetroCaribe deal is likely to implode because of what is happening in Venezuela and the original deal calls for all outstanding amounts to be repaid on demand. So loans from PetroCaribe may well be demanded for repayment forthwith at any time. Or the Venezuelans may sell the debt to a company that specializes in debt recovery.

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Tourism has just about totally collapsed in all sectors; murders and robberies of boat tourist have brought the charter industry to a sudden and instant halt, some operators saying it’s like a tap being turned off.

Agriculture has just about totally collapsed and the government has not included any financial help or expansion in the 2016 budget.

The island’s infrastructure is falling apart, which includes government buildings and roads. Many side roads are actually impassable by vehicle.

The government has borrowed so much money that we will never be able to repay the debts in any Vincentian person’s — adult or baby, lifetime.

One of the things always in my mind is the statement by Prime Minister Gonsalves that he is here to complete the work of Maurice Bishop the Marxist-Leninist revolutionary who carried out a coup d’état and took over Grenada by force. One of the things that Bishop did was to instruct his central committee and those in the Ministry of Finance to keep two sets of books so a fraud could be carried out against the IMF and people like Moody’s. All that I have written in this paragraph is documented fact and is recorded in public records. I have asked a dozen times if the work of Bishop that Gonsalves is going to complete excludes the two sets of books method, never an answer to that question.

I just cannot believe the findings and opinions of Moody’s, but I submit below their latest report.

Moody’s, may I ask you a question? How much of your report is based on information given you by the Minister of Finance and the Ministry of Finance?

Anyone who would like to know the content of the Maurice Bishop instructions regarding bookkeeping fraud and would like the reference for those public records please email me. Those included in the fraud instructions were the Cuban government and the USSR. It can also be viewed without restriction on microfiche in Maryland, USA.

Peter Binose

[email protected]

The opinions presented in this content belong to the author and may not necessarily reflect the perspectives or editorial stance of iWitness News. Opinion pieces can be submitted to [email protected].

5 replies on “Moody’s latest report on SVG is unbelievable”

  1. C. ben-David says:

    Remember how dead wrong these credit rating agencies, including Moody’s, were just a few years ago about the health of American and other bank and financial institutions just prior to the global financial implosion that still affects us all?

    Moody’s does no independent research of its own but simply analyses the often selective and questionable data that is available to them about different countries.

    According to Moody’s, “… the new airport will likely lead to an increased flow of tourists,” a slippery statement at best, based on the premise that new international airplanes will be carrying loads of passengers who will flock to newly built hotels and resorts, an assertion with not a scintilla of credible evidence to support it.

    Even if new airlines service the airport and new hotels and resorts are built as result — as improbable as this may seem — what evidence is there that this would come anywhere close to paying for the construction and operation of the airport and allied infrastructure?

    1. True! we can all see where the future of SVG is leading. Many of these agencies, public or private will do whatever the entitie that pays them wants, thus the very faulty rating the USA always gets.

      1. C. ben-David says:

        Actually, they make their money from private subscribers keen on finding out how sound different economies are but your point is well taken.

  2. Guys, Readers,

    I wouldn’t believe a word that any agency print in terms of country ratings etc. The information has come from a source – How accurate is that source? Do you believe it? The ratings Moody published are not designed for local consumption within SVG… No no – they are intended to attract foreign investment into SVG which you need. Why so cynical – I have lived long enough to have seen scams – lies and downright criminals operating as legitimate businesses. Don’t you remember The Millenium Bank. I live by this – if a deal looks too good to be true – it generally is – Walk away. If you want to run and throw money at it then good for you. So don’t be upset by the Moody report.. Its not designed for you.

  3. You got balls, challenging Moody’s. They are ultra respected, and you are basically nobody. You don’t have any numbers. Moody’s do. These are highly trained international university graduates, and they’ve been doing this a long time, hence their international reputation. You are basically a peasant. I’m not saying you are wrong per se, but no one with money, interested in investing in St Vincent is going to trust you over Moody’s.

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