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Grenada Negotiates 50% Sovereign Debt Principle Reduction

Capital idea: St George's in Grenada
Capital idea: St George’s in Grenada

The tiny Caribbean island nation of Grenada, with a population near 100,000, may be a bond investor’s nightmare that could also point to a solution for sovereign nations drowning in debt. Bond holders, including one “vulture investor,” take a 50 percent haircut in sovereign debt Grenada, which was hit by devastating hurricanes in succession starting in…

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The Author

John McCarthy

John McCarthy

John McCarthy is primarily known for his investigative reporting on the U.S. Virgin Islands. A series of reports beginning in the 1990's revealed that there was everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling. Another report, following Hurricane Hugo in 1989, cited a Federal Emergency Management Agency (FEMA) confidential overview that said that over 50 percent of the U.S. Virgin Islands public lives below the poverty line. The Virgin Islands Free Press is the only Caribbean news source to regularly incorporate the findings of U.S. Freedom of Information Act requests. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is the former news director of WSVI-TV Channel 8 on St. Croix.

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