Belize Is Bankrupt Financially Challenged
In the devil's dictionary of financial descriptors, certain phrases that were once thought of as euphemisms are now stock terminology. Downward revision. Eliminating redundancies. And now, courtesy of Belize, debt rearrangement.** A DealBreaker reader writes:
We sovereign bond traders don't get to see countries actually default much anymore, so when it finally does happen you can't blame us for getting excited. I'm not even [sure] Belize counts as a real country, but I'll take what I can get. See the press release attached. Walter Wriston famously said that "countries don't go bankrupt." Very true. They don't go bankrupt, one consequence of which is that when a country stops paying its debt, it can describe such event in colorfully euphemistic ways. Belize has broken new ground, though, in calling its situation a "debt rearrangement."
Press release here. ("Belize Announces Impending Debt Rearrangement")
** Actually, we're pretty sure Donald Trump popularized this one quite a while ago.