Govt. Makes An Interest Payment For Bank of The Bahamas

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On 31 August, we understand the Government of The Bahamas honoured its obligations under the promissory note it gave when the Bank of The Bahamas’ bad debt was transferred to a special purpose vehicle called Resolve. The Government paid for the debt with a promissory note, and the note carries interest. The interest payment was made on 31st August. The FNM came to power railing against the PLP for crating Resolve but as with other lies that they told on the campaign they found out that this is the best way to deal with it. Peter Turnquest, the bean counting Minister of Finance, has suddenly become a convert to saving the Bank of The Bahamas, instead of just letting the bank go. He says the Government will put 166 million more into the Bank to prop it up. At the same time, he and his colleagues are saying the country is broke.