Greece

Till debt do us part

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Till debt do us part

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Friday, February 11, 2022

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Till debt do us part

The national debt level of a country is a measure of how much the government owes its creditors. Economists are generally divided on the question of how much debt is too much debt, both with respect to the ratio of debt to gross domestic product (GDP) as well as the total dollar amount of the debt. Some economists are concerned that excessive government debt levels can impact economic stability with broader implications for exchange rate stability, external trade, economic growth and unemployment. However, others suggest that if the debt level is manageable, there is little cause for alarm.

In the October 2021 edition of its World Economic Outlook Report, the International Monetary Fund (IMF) noted that the higher a country’s debt-to-GDP ratio is, the higher the risk of that country defaulting on its debt. In one of its studies, the World Bank also suggests that a debt-to-GDP ratio of 77% or more during prolonged periods of time can cause economic slowdowns.

In its 2021 World Economic Outlook Report, the IMF lists Japan as having the world’s highest debt-to-GDP ratio at 256.9%.

Following not far behind are Sudan and Greece, at 209.9% and 206.7% respectively. Of the countries with debt-to-GDP of over 90%, ten are in the Caribbean.

Of course, notwithstanding the conventional wisdom of the IMF and World Bank, there are many nuances that should be considered when talking about debt. For instance, Haiti has an enviable debt-to-GDP ratio of 25%. Yet, this has not resulted in economic stability for Haiti, perhaps mainly because of the decades of political and security instability in that country. Moreover, countries such as Guatemala, Chad, the Congo and many others have debt-to-GDP ratios below 50% but have yet to achieve appreciable levels of economic development. Therefore, economic success or lack thereof transcends debt.

The other issue to consider is that not all debt is equal. Some countries are in debt, especially unsustainable debt, due to poor economic management. However, for others, debt is sometimes the result of factors largely beyond their control. For instance, IMF figures suggest that the annual cost of disasters for small states is nearly 2% of GDP. In some instances, the impact of natural disasters on small states can be double their GDP. When added over many decades, it stands to reason that the vulnerability of small states to natural disasters would inflate their debt levels since these states must either borrow to rebuild or borrow to build resilience.

At least every decade, there is a global shock of some kind. In 2007/2008, it was the global financial crisis. Just over a decade before that were the terrorist attacks on the United States (US) and the subsequent wars in Afghanistan and Iraq which impacted global travel and tourism, energy prices and other sectors. Currently, virtually all states are working to combat the novel coronavirus (COVID-19) pandemic. Another reality of small states is that they tend to be hardest hit by these global events and also take much longer to recover. Therefore, while recovering from one crisis, they are often hit by another. These confluences of events frequently push governments toward incurring debt to shore up social safety nets, maintain employment levels, build infrastructure and generally, prevent a hard economic landing.

Greece is a recent case study of how debt can lead to a sharp and catastrophic economic calamity. However, this is an extreme example. While debt should not be ignored, narrative around it should also be balanced. For small states especially, the key is to focus on manageable debt and transformative debt. Manageable is about being able to repay. Transformative is about using debt to invest in resilient infrastructure, economic diversification and competitiveness, and to enhance the availability and delivery of public goods. The hope is that strategic investments in these areas would ultimately reduce the burden of having to borrow over time.

Joel K Richards is a Vincentian national living and working in Europe in the field of international trade and development.
Email: joelkmrichards@gmail.com

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My brother, take your rest

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My brother, take your rest

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Friday, January 21, 2022

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My brother, take your rest

By Fidelis Adele

Writing a tribute for brother is not easy. Ehis and I shared the same flat for over 16 years and there was never a dull moment. His sense of humor brought laughter to everybody around. His humility was exemplary, always ready give a helping hand.

The ancient Greek philosopher Epictetus said, “There is only one way to happiness, and that is to cease worrying about things which are beyond the power of our will.” Ehis lived this quote and I will try to live it.

Certainly, your departure is something well beyond the power of our will, for death is an acquired trait, one of the few things that we all must do— although an awful adventure. As a truly devout Christian, I have no doubts you are resting in the blossom of the Lord. We are consoled because the resurrection morning promises us a reunion with you.

Your wife and daughter will miss you but your good will and legacy will comfort them. My brother, take your rest.

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What the mythical Cupid can teach us about the meaning of love and desire

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What the mythical Cupid can teach us about the meaning of love and desire

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What the mythical Cupid can teach us about the meaning of love and desire

AP Each Valentine’s Day, when I see images of the chubby winged god Cupid taking aim with his bow and arrow at his unsuspecting victims, I take refuge in my training as a scholar of early Greek poetry and myth to muse on the strangeness of this...

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Climate Change And Your Finances

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Climate Change And Your Finances

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Sunday, January 23, 2022

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Jamaica Observer

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Climate Change And Your Finances

There can probably be no more denying, at this point, that climate change is a real phenomenon. Extreme weather events globally have increased, fuelled by it. In 2021 alone, there were floods in west Germany; wildfires in Greece; winter storms in Texas; record-breaking heatwaves in Moscow; a dust storm, the worst in more than a decade, blanketed China with dust clouds towering 100 metres; tornadoes in Kentucky; typhoons in the Philippines; among so many others. All these events saw death and displacement in ways that had never been seen before. Last year, regions previously not considered to be on the front line for erratic weather change saw many homes destroyed and lives lost. And with each year that passes the incidence of these severe weather events only seems to increase. A few years ago, when the term climate change started being tossed about, many people were sceptical.

That was then.

Who cares?

While we in Jamaica mostly acknowledge that there is a profound change in weather patterns around the world, we largely tend to think it is somebody else's problem. We are not the perpetrators of greenhouse emissions; it's the big, industrialised countries. What, after all, does record-breaking snowfall in Madrid have to do with us?

The simple answer is, everything.

There are lessons to be learned in extreme climate events like these. That record-breaking snowstorm in Madrid last year cost Spain's capital city an approximate €1.4b alone in damage. Severe weather events can and will impact people's financial well-being. Climate change affects their bills, from insurance to food and utilities, credit, and ultimately the ability to save. We on The Rock may feel fortunate, compared to other places, but how long will we skate by on our so-called #blessed status? What if we experienced an extreme weather event here? Already we've seen that we're slowly becoming more prone to flooding. As they say: Today for you, tomorrow for me. We might not all be in the same boat, but we are certainly in the same climate change storm.

The Soufriere volcano eruption in St Vincent & the Grenadines last year tells us that we in the region can't take anything for granted. In an instant everything changed there, with poverty expected to worsen significantly exacerbated by the impact of COVID on livelihoods. There may have been no casualties, but the event brought about impacts on agriculture, fisheries, and tourism, which the island is largely dependent on. The truth is, developing island states like ours can ill afford this kind of displacement to our way of life, our growth, already disadvantaged by, among other things, a history of slavery and hundreds of years of fiscal mismanagement.

Climate change as an opportunity for portfolio diversification

Fortunately, it isn't all doom and gloom. Yes, there are droughts, disastrous storms and floods, rising sea levels brought on by climate change that is man-made and induced largely by carbon dioxide emissions and greenhouse gases from industry and agriculture.

Fact is, though, research has indicated that, while global temperatures will almost certainly continue to rise, increasing by at least two degrees Celsius by the year 2100, a reduction in climate footprints is possible if corrective steps are taken now to avert an irreversible and serious global disaster. For this to happen, there will be a need for technology to do so, which will require big investments of resources that can net investors potentially big profits while doing good for the environment.

Today, savvy investors who are concerned about climate change can create investment portfolios around the theme of climate change primarily by way of renewable energy investments and companies with green initiatives. There is a growing number of green exchange-traded funds (ETFs) that can allow investors to incorporate environmentally friendly solutions into their investment decisions.

ETFs are investment funds that, as the name suggests, trade on a stock exchange and track a specific index; green ETFs are those investment funds that focus only on companies that support or are directly involved with technologies that are environmentally responsible for either developing alternative energy or manufacturing green technology equipment.

Renewable energy and green technology

One of the best bets for investing in this sector is alternative energy. Solar technology, in particular, is a field Jamaicans are probably more acquainted with in the relatively new market for green tech. And so, purchasing stocks in, for example, in solar panel manufacturers might be a good way to get in on investing in renewable energy. But, it's important to remember that green tech encompasses so much more, like scientific research, agriculture, hydrology and atmospheric and material science, which are beginning to attract enormous amounts of investment capital. Do your research to figure out the global listed companies that focus on providing products or services that protect and repair damage to the environment, while conserving the Earth's natural resources.

Bottom line

Extreme weather events have increased due to climate change, which can impact financial well-being. For your financial resilience, consider diversifying your investment portfolio with shares in companies that are actively involved in the use of technology and science to reduce human impacts on the natural environment.

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Till debt do us part

admin — Sun, 20 Feb 2022 16:20:01 +0000

Till debt do us part

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Till debt do us part

In its 2021 World Economic Outlook Report, the IMF lists Japan as having the world’s highest debt-to-GDP ratio at 256.9%.

Following not far behind are Sudan and Greece, at 209.9% and 206.7% respectively. Of the countries with debt-to-GDP of over 90%, ten are in the Caribbean.

Joel K Richards is a Vincentian national living and working in Europe in the field of international trade and development.
Email: joelkmrichards@gmail.com

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SVG elected to UNESCO’s World Heritage Committee

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Tuesday, December 7, 2021

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SVG elected to UNESCO’s World Heritage Committee

St Vincent and the Grenadines (SVG) was elected to serve on the World Heritage Committee of UNESCO at the 42nd session of that Organisation’s General Conference on November 25.

A release from the Ministry of Foreign Affairs said that SVG garnered the support of 103 UNESCO Member states.
SVG was one of three elected states, from six countries in Latin America and the Caribbean to secure one of the 12 available seats on the WHC during the UNESCO General Conference. The other elected countries were Argentina, Mexico, Belgium, Bulgaria, Greece, India, Italy, Japan, Qatar, Rwanda and Zambia.

The United Nations Educational, Scientific and Cultural Organisation (UNESCO) is a specialised United Nations (UN) agency charged with developing and implementing programmes in education, sciences and culture. Through its cultural conventions and programmes, the organisation plays a unique role in promoting human creativity, safeguarding culture and heritage world-wide.

The World Heritage Committee is responsible for the implementation of the World Heritage Convention, defines the use of the World Heritage Fund, and allocates financial assistance upon requests from States Parties. It has the final say on whether a property is inscribed on the World Heritage List. It examines reports on the state of conservation of inscribed properties and asks States Parties to take action when properties are not being properly managed. It also decides on the inscription or deletion of properties on the List of World Heritage in Danger.

As a Small Island Developing State, St Vincent and the Grenadines is committed to promoting the implementation of the World Heritage Convention by bringing its expertise and unique experience to the work of the Committee, and ensure balance and credible representation to deliberations involving the World Heritage List, the release states.

SVG will be represented on the Committee by cultural and natural national experts Dierdre Myers and Abeana White.

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Four-Day Working Week: Kaduna Civil Servants Cautioned against Hidden Agenda

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Four-Day Working Week: Kaduna Civil Servants Cautioned against Hidden Agenda

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Wednesday, December 1, 2021

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THISDAYLIVE

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Four-Day Working Week: Kaduna Civil Servants Cautioned against Hidden Agenda

John Shiklam Shiklam

The Chairman of the Kaduna State Chapter of the Christian Association of Nigeria (CAN), Rev. Joseph Hayab, has asked civil servants in the state not to celebrate the recent introduction of four- day working week by the state government until they are convinced that there is no hidden agenda.

The state government had on Monday announced that it would commence the implementation of a four- day working week, “designed to help boost productivity, improve work-life balance and enable workers to have more time for their families, for rest and for agriculture.”

However, in a statement yesterday in Kaduna, Hayab said on the surface, the policy may appear reasonable, noting that this might be a subtle move to slash workers’ salaries.

The statement titled: “El-Rufai’s Four-Day Working Week: workers should not be be shortchanged”, wondered how civil servants can rest and engaged in agriculture amid economic hardship and insecurity.

According to the statement, “On Monday, the Kaduna State Government announced that it will commence transition to four-day working week for civil servants in the state.

“The government, in justifying this seeming innocuous decision, maintained that the policy is to ‘boost productivity, improve work-life balance and enable workers to have more time for their families, for rest and for agriculture.

“On the surface, this may appear reasonable, however, looking at the hardship the citizens of Kaduna State have been subjected to, by this government through some of its unpopular policies, one begin to wonder how such policy can be of benefit to workers who are struggling hard to make ends meet.

“I advise civil servants in Kaduna State not to celebrate this policy yet until they are convinced that there is no hidden agenda behind it.

“Workers must be sure that the policy is not aimed at reducing their salaries.

“They must be convinced that the government will not wake up one day with shocking news of salary reduction since the five day working days have been reduced to four.”

The CAN’s chairman also urged civil servants to “pray fervently that there wouldn’t be another mass sack before the end of this administration, which has brought so much pain and hardship.”

“How can a state that is not secured talk about giving workers time for agriculture and be with family when bandits move about freely, terrorising people in their homes, on the farms and on the highways!

“How can one spend time with family when you have nothing to feed them or provide for their basic needs?” Hayab asked.

According to him, “what Kaduna people truly need from the El-Rufai administration is a holistic and honest effort to address insecurity, a true sense of democratic principles of governance with less propaganda. What economic value will this ‘Greek gift’ add to workers?”

The statement said that the CAN in Kaduna State would continue to pray and support good policies of the government aimed at improving the lives of citizens.

It added that the association would continue to speak out on policies that appeared not to be in the best interest of the people.

The CAN also appealed to members of Kaduna State House of Assembly “to be on the side of the people and distance themselves from unpopular policies that bring pain and hardship.”

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50 years of St Andrew’s International School at Yamacraw campus

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50 years of St Andrew’s International School at Yamacraw campus

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Monday, December 6, 2021

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The Nassau Guardian

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50 years of St Andrew’s International School at Yamacraw campus

In recognition of the 50th anniversary of its Yamacraw campus, and in celebration of a legacy of ethics and excellence, St Andrew’s International School (SAIS) planted a brazilwood tree purchased from Eleuthera to mark the occasion.

The brazilwood tree was chosen for the ceremony because of its educational tie to Harvard University and that, in 1648, Puritans in Massachusetts learned of fellow brethren that had settled in Eleuthera after being shipwrecked. They gathered funds and supplies and sent them to Eleuthera. In thanks for sending the lifesaving supplies, the Eleutheran brethren sent back 10 tons of brazilwood, which was a source of red dye, and specified that the wood be sold and the funds be given for the benefit of Harvard University. The monies raised from the wood were used to buy adjacent land to Harvard University and to expand the school.

Gordon McKenzie, SAIS principal, said it is their hope that in another 50 years, the brazilwood tree that was planted on Monday, November 29 will provide shade, and a reminder of the occasion for future students.

“As it grows, so will our school community continue to grow with ethics and excellence,” said McKenzie.

“We are grateful to mark the anniversary of our Yamacraw campus with alumni and faculty who recall when this campus began. Although it is now 50 years old, some things remain central to our school ethos then and today – the sense of school community. Students feel that they are not only a part of the school but help to shape it for today and future generations.”

Loretta Butler-Turner, an alumna of St Andrew’s School, recalled during her fifth-grade year, that every student participated in fundraising.

“I remember a major walk-a-thon from the Shirley Street campus all the way to the Yamacraw campus and everyone being so excited to see the campus although it was still under construction,” said Butler-Turner.

Athena Damianos-Mabon recalls raising funds, and students helping to clear the field.

“Back then, when we first moved to the new campus, the field was nothing but rock and rubble. Students were asked to help rid the field of the rocks and we all did so happily. PE [physical education] was moving the rocks off of the field, so we could make it smooth. Every time I see the green field that is there today, I recall that time.”

Butler-Turner also recalls clearing rocks from the field, “I think we students realized that it was important and that we were all a part of this development and that the school had to be very economical in the way it was using its resources and we were a part of the human resource. We were a part of the labor force and have sweat equity in addition to having raised funds in the school. Those were exciting times, we were energetic, and it felt like an adventure.”

SAIS began with the enrollment of 24 students in the basement of the historic St Andrew’s Presbyterian Kirk in 1948. The school was founded by a group of parents who wanted their children prepared for admission into private boarding schools in Britain by the age of 13. At the time, the subjects taught in local primary school did not include those necessary for entry into private British schools, according to the school’s website. Candidates for entrance were required to sit examinations in Latin and/or Greek, French, algebra, geometry, history and geography, in addition to the usual papers in English, arithmetic, and religious knowledge.

Its first headmaster was Reverend J.H. Poole, the minister then in charge of St Andrews Presbyterian Kirk. For the next two years, the students were accommodated in the Kirk Hall, and the name St Andrew’s was permanently adopted.

By 1950, the number of students had increased to 70 and the Kirk Hall was no longer an adequate location for the school.

In that same year, a group of parents negotiated the purchase of the Collins property that borders Shirley Street and Collins Avenue. For 15 years, the Collins mansion provided extensive quarters, and enabled the school to grow to 160 students by 1954.

According to the SAIS website, as St Andrew’s School enlarged, so did the number of parents who wished for their children to complete their secondary education either in North America or the United Kingdom. To meet those needs, it was decided that a new campus was necessary. The existing school property at Yamacraw was acquired and fundraising ensued, championed by students, teachers, parents and the energetic and then-headmaster, John Chaplin. In early 1970, ground was broken and in November 1971, the school moved to the Yamacraw campus.

At its peak, SAIS accommodated 850 students.

The building of a new school on a large campus with new amenities was exciting for the students and many recall the move to their new campus fondly. They also take great pride in having been a part of it becoming a reality. Before the new school was built, each student was asked to contribute $30 for the building campaign. Students collected bottles for recycling to raise funds, hosted bake sales, made products and the school held a fair to raise funds.

Trees were planted to help beautify the Yamacraw campus, and to ultimately provide shade – and 50 years later, the school is lush with mature trees. In keeping with the tree-planting tradition of the past half century, the brazilwood tree was planted to mark the 50th anniversary.

The look of the new school, campus and the addition of science labs and a swimming pool were a great sense of pride to the students that moved in 1971, and remain to this day, according to school officials and alumni.

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Local Content: Reps probe alleged discrimination against Nigerian companies in NNPC’s shipping contracts

admin — Fri, 08 Oct 2021 23:10:01 +0000

Local Content: Reps probe alleged discrimination against Nigerian companies in NNPC’s shipping contracts

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Questions unasked in House as Opposition refuse to use speaking booth

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Questions unasked in House as Opposition refuse to use speaking booth

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Friday, October 1, 2021

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Questions unasked in House as Opposition refuse to use speaking booth

Several questions were left unanswered in the House of Assembly yesterday, September 30 as Parliamentarians on the Opposition benches in the House refused to adhere to new COVID-19 protocols that have been implemented.

“There is nobody in this House safer than me. I came in here with a negative PCR test. Why you want me to go to a booth? I ain’t selling Lotto! ” Fitzgerald Bramble, Parliamentary Representative for East Kingstown said, as he protested against one of the new measures.

The new protocols, which the Speaker Rochelle Forde announced yesterday require that unvaccinated members, or members who have chosen not to reveal their vaccination status, make their contribution, no matter the length, from behind a booth.

While making the contribution behind this booth, the member is expected to be double masked. In order to be allowed entry into the Chambers, parliamentarians must present proof of being fully vaccinated or provide a negative PCR test result, which was taken no later than two days prior to the sitting.

While all members on the government side have provided proof of having been vaccinated, some opposition parliamentarians have chosen not to disclose their vaccination status.

The Speaker said during her announcement that she was “very satisfied with the full buy-in of members”.

But having arrived at the sitting with negative PCR tests results some opposition members argued that they should be allowed to stay in their usual seats and make their contributions.

Senator Israel Bruce was the first to strongly protest going to the booth, as he tried making congratulatory remarks from his seat.

However, after some back and forth with the Speaker, and continued refusal to speak from behind the booth, the opposition senator was made to sit, and forfeit his chance to give congratulatory remarks.

When it was the turn of Terrance Ollivierre, the Member for the Southern Grenadines to ask a question, the Speaker instructed him that he ought to utilise the booth.

“…I’m here to do my work. I didn’t expect to be treated as a second class member of this House. I expect all members should be treated fairly and as a result of that, I would have my seat,” Ollivierre said while on his feet from his usual seat.

Nigel Stevenson, the Member for South Leeward also followed suit when called upon by the Speaker to use the booth to ask his questions.
He remained silent and seated for the three questions listed on the order paper to be asked in his name.

“ I ain’t selling Lotto, why should I go to a booth? Come on Madam Speaker. I came here to do the people’s business!,” Fitz Bramble also said from his seat, as he too refused to use the speaking booth.

Dr Godwin Friday, the Opposition Leader, spoke briefly on the matter at the beginning of yesterday’s sitting, voicing concerns about the new protocols.

“…While we all have public health as our number one priority, you can see how a procedure that requires that members, every time they open their mouth, must get up and run to a booth to speak, is going to interfere any member with the proper functioning of that member in this House,” he said. “And where it is rational and absolutely required, we can understand, but you have asked for members on both sides of the House to indicate whether they are vaccinated, and also to have PCR tests.”

Friday, who is fully vaccinated, disclosed that he took the PCR test to come to yesterday’s sitting, as the test is the surest way of knowing what one’s COVID19 status is; not being vaccinated.

The Opposition Leader further noted that both unvaccinated and vaccinated persons can contract and spread the virus.

“So, it begs the question then, why if all members have been vaccinated or have had the PCR test, why some members would have to be banished to Siberia in the box in order to make a contribution in this House or to wear two masks,” he questioned.

Friday also said that in St Vincent and the Grenadines there is nowhere that requires persons to be double masked.

“It seems to me that some of the protocol procedures that are here, it would’ve been very helpful for these matters to be discussed with members of the House to have an input as well,” he said.

The Opposition Leader referenced Parliaments in various jurisdictions that have implemented rules for sittings; more specifically Greece where parliamentarians have to have a PCR test regardless of their vaccination status.

With this in mind, the Opposition leader suggested that all members be treated “with the dignity that all members have the right to speak in the same way as any members in this House because it does not affect the public health considerations we are seeking to address”.

Forde, the Speaker of the House noted the opposition leader’s concerns but reiterated that the new protocols were approved by the Health Services Subcommittee, which is chaired by this country’s Chief Medical Officer.

“I asked questions very similar to those which you have raised and I was guided and advised to maintain these protocols. I understand that indeed, the rules and regulations are stringent. I understand that we’ve changed our protocols but locally, circumstances have also changed…,” she said.
Forde added that she could not “think of a compelling reason as a responsible Speaker of the House to disregard the sound advice of the medical officers in a public health emergency”.

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