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“It was out of control — it was going up more than $200 million a year….you can get to a tipping point — and once you get past that, it’s virtually non-stop down to Third-World status.” — Bob Richards, Bermuda’s former Minister of Finance, discussin...

Auditor-General Heather Thomas has urged the Bermuda Government to take action after revealing net debt had reached $3.7 billion. The statements of the Consolidated Fund for the year ending March 2017, tabled in the House on Friday, showed net debt h...

Imagine what the Bermuda Government could do with half a million dollars — every single day. It’s a relevant question as we approach the General Election as this is the amount the island spends to service its huge debt. The estimated $186 million in ...

Bermuda’s A+ credit rating and stable outlook have been affirmed by ratings agency Standard & Poor’s. The island report said: “The ratings reflect our view of Bermuda’s effective and predictable policymaking, very high gross domestic product per capi...

The UK Crown Dependency of Jersey is facing a massive deficit dubbed “the black hole”. The small self-governing territory off the coast of France faces a budget shortfall of more than $178 million a year by 2019 as a result of a downturn in business....

The experts hired to advise the Bermuda Government on its fiscal progress believe the island faces greater risks now than it did a year ago that leave it vulnerable to negative economic shock. The Fiscal Responsibility Panel, which today published it...

The group of experts who advise the Bermuda Government on tackling its debt crisis believes the island is on the right track. The three-man Fiscal Responsibility Panel was appointed in 2015 to assess the Government’s efforts to balance the budget. Da...

Most readers will be familiar with articles I have penned on Bermuda’s debt in past issues of Financial Ramblings from the Rock. The recent refinancing conducted by the Bermuda Government is resurrecting this commentary. I swore to avoid a quotidian ...

Bermuda Government’s debt has ticked up another $188.9 million. The Government has repositioned part of the island’s $2.36 billion debt burden through the issuing of $665 million in 10-year senior notes. Bob Richards, the Minister of Finance, sees it...

Bermuda Government has issued $665 million of senior notes as it repositions the island’s debt. Consequently, the island’s overall debt load has increased by $188.9 million, but in the process the Government has locked in a 3.717 per cent rate on its...

The Bermuda Government is in the process of refinancing about $276 million of debt. It made a cash tender offer to holders of its 5.603 per cent senior notes, which are due in 2020, and is set to pay out early on about half of the $500 million of not...

Two new members have joined the think-tank set up to advise Government on financial stability. Dame Amelia Fawcett and Gil Tucker have both been added to the Financial Policy Council. Bob Richards, the Finance Minister, who is also chairman of the co...