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On Friday, we asked Financial Secretary, Joe Waight why the bondholders would accept an offer they've already refused:

Daniel Ortiz, 7News
"The bond holders had already objected this proposal. There is no amendments. Why does the government feel that they will accept it a second time when there is no change?"

Joseph Waight - Financial Secretary
"The discussions continued, we are hopeful that it would be fruitful and we need to give the process more time. So the government today has extended it for a further 2 weeks."

Daniel Ortiz, 7News
"What's the rationale behind extending? Are there consultations and discussions happening while these extension periods continue?"

Joseph Waight - Financial Secretary
"That's the whole purpose of an extension to give more time for the discussion to bear fruit but the discussions are continuing almost on a daily basis."

Daniel Ortiz, 7News
"How receptive have the bond holders been since their first public indications that this isn't an offer that they are able to accept?"

Joseph Waight - Financial Secretary
"The conversation goes on and there's information requirements. They ask for more information which we have given them and they come back and ask for a little bit more. So there is some progress."

Daniel Ortiz, 7News
"The payment that is due looms closer and closer. Will Belize be making that one and are there in any contingency plans to do this or are we banking on them, the bond holders completely, accepting this current solicitation offer?"

Joseph Waight - Financial Secretary
"Yes the payment is due on the 20th and the only person who can really answer that, I wouldn't be able to call on that, it would be the Prime Minister in due course."

Daniel Ortiz, 7News
"The concern has been that especially from the position that this is an attempt by the government to sort of stare down the bond holders, back them into a corner, to force their hand in accepting this. Is that indeed the tactic?"

Joseph Waight - Financial Secretary
"No, this an honest, forth right discussion with the bond holders, it's not armed twisting, it's not brinkmanship. No, it's essentially an honest exchange of positions, where we are, but it's not the intention to capture or to hold hostage, one group to another, no."

Daniel Ortiz, 7News
"Sir if indeed Belize does the default on this payment for February 20th, how much does Belize have to pay in addition to what is due?"

Joseph Waight - Financial Secretary
"Under the terms of the bond, if the government completed the defaults, there is a restoration clause of about 11 percent of the bond. Restoration, back to what was the outstanding amount prior to the restructuring in 2013."

Today, the Opposition seized on the opportunity during their press conference to point out what the Financial Secretary finally confirmed last Friday, that a tax increase is coming. Not surprisingly, the Opposition Leader was highly critical of the Barrow Administration's management of the economy:

Hon. John Briceno, Leader of the Opposition
"After boasting that he has solved the super bond issue and that the nation was on to good times, the Prime Minister has been forced to eat crow and admit that everything he said is not so now. The default and the UDP super bond is now more likely than ever before. Make no mistake about it. Government is broke, this UDP government is broke."

"The government has consented to a 2 hundred million dollar budget deficit shortfall for 2016/2017. We certainly does not support any more undue for the Belizean people. This government has been taxing the Belizean people to debt, our economy is in recession, our productive sector is in serious trouble and to put more taxes on them, it is only going to make this worse."

"We have been saying it for some time that the UDP has no economic plan and now it's starting to show. You want me now to go and solve the Prime Minister mess and it will be difficult for me to sit right here one minute to solve his mess. What he needs to do is call elections, he can't handle it, we will find a way to solve it, we will have the answers."

"We have to work with the productive sector to ensure that they could start to produce once more. There's double taxation on the productive sector. We have to look at tourism, with the issue of tourism whilst it has been growing, it seems that it's only the foreign investors are benefiting from the growth in the tourism industry. We are becoming the gardeners and the servers in the restaurants and the cooks and those things. We now need to be able to have Belizeans to participate, to have ownership and the more Belizeans that can work, that have been working, the more taxes we can collect."

There are no indications at this time whether Belize will be making that payment on February 20th.