August 10, 2006
Rising government spending this year is pushing Belize to default on its de
Rising government spending this year is pushing Belize to default on its debt, according to ratings agency Standard & Poor's, which earlier this week downgraded the Central American nation from CCC- to CC, just two notches above a default rating. Belize, which has $960 million of foreign currency debt has said it will move to restructure its international bonds. The country has a debt-to-GDP ratio of 90% and spends over a quarter of its government revenue servicing that debt.