Peyrefitte Says PM “Doesn’t know what he is talking about” with Superbond

Michael Peyrefitte

As we’ve reported over the last few weeks, Belize has gotten an extension of its international bond payment. But U.D.P. Chairman Michael Peyrefitte says that he remains concerned about how this will play out because he believes PM John Briceño is very naïve when it comes to charting the super bond waters.

Michael Peyrefitte, Chairman, U.D.P.

“There are always negotiations. And I don’t know that the bondholders have withdrawn their position on the requirement of an IMF program. I am not surprised that they granted the extension, as it is normal that you grant the extension especially when you are going through a negotiation process. I wish the government all the best. I kinda plan to live in Belize for the rest of my life and so to make sure that our financial institutions and our financial structure is strong is in my best interest because I have to live here and can’t live anywhere else. I wish them all the best. Like I said, I offered to be of assistance and was flatly rejected which is fine. But I am concerned about the possible naiveté with which the government approached the situation. I was shocked when the Prime Minister said in his budget speech that all of this will be wrapped up by May and as he said this I said to myself, my goodness, this is a man who clearly doesn’t know what he is talking about. It is not going to be wrapped up by May – we are now in the middle of June and we are nowhere near wrapping it up. My concern at this point is the cost of doing it as the other side start to have lawyers with fifteen hundred U.S. dollars an hour and our bills start to rack up the longer the process takes – it is indeed the best interest of Belize for it to be wrapped up quickly but wrapped up in a way that is in the best interest of us. Other than that, I have no idea as to details of the proceedings and things like that.”