Cannonier: Billionaires were lined up
Government had an opportunity to help save Caroline Bay, the One Bermuda Alliance said today.
OBA Leader Craig Cannonier said: “Several weeks ago, we met with the developers of Caroline Bay where they outlined a plan for new investment into the hotel. They also met with the Progressive Labour Party and the Premier.
“The developers had billionaires lined up to invest. Did this Government encourage that plan? If not, why not? Given what was at stake, we need to know what happened.
“Instead we are going to raise our debt ceiling by $250m although we have had no explanation of why it is $85m more than the amount owed under the guarantee. What is that $85m for – has this Government overspent?
“When we came into Government, Bermuda was on the edge a financial abyss and we had been left with an out of control debt. The OBA had a two-pronged strategy to cut the debt and stimulate the economy and we succeeded.
“Every Government around the world uses incentives to developers to ensure that jobs are created or jobs are not lost.
“That is what we did and I am quite sure that given the same opportunity and the same economic climate that the PLP, which has had two years to help Caroline Bay, would have done the same.”
• Press release from the One Bermuda Alliance