No Debt Restructuring



The new government has been sworn in. There is still a discussion ongoing as to the two other members Christoph Emanuel and Rayeon Peterson as to whether they will be sworn in as Ministers. The Parliament at present consists of 13 Members, hopefully sooner than later the other two seats will be filled by Richniel Brug and Viren Vinod Kotai whose credentials are to be approved.  In his presentation the Prime Minister of St. Maarten Dr. Luc Mercelina raised the matter of the country’s debt burden and the importance of the Dispute Regulation, the latter being thrown back and forth for some 14 years now with no end in sight. 

Although important, I am of the opinion that Debt cancellation has to be a priority. St. Maarten will never be able to advance economically, socially and culturally with this debt hanging over our heads. At this stage it will take us 100 years to repay it. And of course excluding any additional debts we might incur. For me this is modern slavery. There are former and present neo-colonial countries in the Caribbean and in Africa including states in the United States who are crying for debt cancellation and reparations. 

There are some countries who are about debt reconstruction, my advice to them, I would not even contemplate such a discussion. That the colonial powers became rich off our backs is not up for debate, it is a fact. Reparation, which according to the definition from Oxford is the action of making amends for a wrong one has done, by providing payment or other assistance to those who have been wronged, the courts required a convicted offender to make reparation to his victim. There should be no discussion on debt restructuring only debt cancellation. I will remain resolute that no country except for maybe the United States of America (who is practically bankrupt with some 40 trillion dollars in debt can survive when it comes to debts. 

The dollar which is the most used currency for trade in my opinion is what has them still afloat. But this is being challenged by the BRICS countries who are presently being expanded. While the establishment of the dispute regulation is of importance, debt cancellation for me is of vital importance to the progress of St. Maarten. And I must remind those that are still of the opinion that it is their (Dutch)money, because this will tell me that you approve of the brutal and inhumane treatment and murder of our ancestors to enrich themselves. Debt cancellation not debt restructuring.

George Pantophlet