Bailing Out the Banks

Bailing Out the Banks

Caribbean

The government set up Finsac, or the Financial Sector Adjustment Company, in January 1997 to clean up the mess left by a colossal banking crisis. Among Finsac's assets are 24,000 non-performing loans worth J$52.6 billion ($2.2 million). Critics say Finsac is the product of the government's half-baked attempt at liberalization, but Minister of Finance Omar Davies says, "Similar problems occurred in over 100 countries worldwide including the US, Japan, Mexico to name a few. The objective reality is that very few countries have addressed these problems as competently as those who have been charge with the responsibility for managing Finsac."

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