Moody’s marks the regime down

Moody’s the financial rating agency has marked the regime down because of the crushing level of government debt. Moody’s said: “The government’s financial strength is assessed as low because of the high ratios of government debt and interest payments to government revenue.” The debt level of the country as a whole is not high because there is not a high level of private borrowing overseas. Our banks are awash with Fiji dollars because local businesses don’t want to borrow and invest while we have a regime which makes up laws taking away property rights, and then denying businesses the right to bring their claims to a court. And, even if they do get to a court, they can’t be sure that they will not get a judge bullied by the regime into doing its bidding.

Fiji Times, September 01, 2012  B1 rating for Fiji