Last night we told you about the massive judgments in favour of the Ashcroft Alliance that the Barrow Administration that the Barrow Administration is now liable. This is after the US Supreme Court refused to hear its appeal of two arbitral awards in favour of Belize Social Development Limited and BCB Holdings Limited. According to the NEW YORK law firm which litigated the case for the Ashcroft Alliance, both judgments add up to 50 million US dollars including interest.
Government seems so shell-shocked by the development that it still hasn't been able to put out a statement - which would normally be routine. But the PUP has pounced on the news, calling the judgement the product of government's, quote, "incompetent and delusional decision making."
The PUP says that it amounts to another $117 MILLION in debt, and, quote, "failure to make payment within 60 days could trigger the entire Superbond debt to become payable in full."
Speaking generally of the debt crisis, the release goes on to say, quote, "It is a situation which has created the very sinister and real triple threats of higher taxes, retrenchment and devaluation..."
The PUP calls on government to, quote, "Tell us the real numbers. What new taxes will be introduced??We demand to know how the payment of these judgments will affect our already depleted foreign reserves..." End quote.