Douglas said, during his weekly radio programme, “Ask the Prime Minister” on Tuesday, 28th February, 2012, “Without becoming too technical, let me say that one option involves a 50% reduction in the face value of existing claims, with a 20 year repayment period, 6% interest from Years 1 – 4, and 3% interest thereafter. The second option would be a 45-year Par Bond with a 1.5% interest, and a 15 year grace period on the principal.”
“Everyone who wants to see this country continue to be a stable and respected member of the world community of democratic nations should, in a moment of quiet reflection, be relieved and grateful that, in these trying and turbulent times, our tiny nation was able to successfully make this clear step forward,” said Dr. Douglas, adding:
“This outcome was not sought on behalf of Catholics as opposed to Pentecostals, or farmers as opposed to teachers, or to boost Political Party A as opposed to Political Party B. This outcome was sought with the interest of Catholics and Pentecostals, farmers and teachers, political parties of every persuasion and every man, woman, and child in this Federation in mind, because this serves the interest of us all.”
Following a statement issued on Monday by the Ministry of Finance, Prime Minister Douglas told listeners that creditors who participate in this offer will receive a one-off “goodwill” payment one month after the issuance of the new bonds in lieu of accrued interest.
He said those wishing to accept the offer should submit their tenders no later than the close of business on Wednesday, 14th March, 2012.