Not Owen!

Estwick won’t support Arthur’s appointment

The first signs of dissent have surfaced from within the Freundel Stuart Cabinet as the decision by Minister of Finance Chris Sinckler to appoint former Prime Minister Owen Arthur as Government’s Chief Economic Advisor begins to sink in.

While the under-pressure Sinckler hopes Arthur will help steady the economic ship, Minister of Agriculture and Water Resource Management Dr David Estwick plans to break rank with the administration when the recommendation comes up for discussion in Cabinet.

Without expressly stating that he would vote against it, Dr Estwick today was emphatic he had no intention of taking any advice on the economy from the former Barbados Labour Party (BLP) leader.

“Let me make it clear; Owen Arthur will not advise me on economic and financial matters and leave it there for now,” Dr Estwick told Barbados TODAY this morning.

The former Minister of Economic Affairs is fuming at Arthur, who in an interview with Barbados TODAY earlier this week dismissed an alternative economic plan presented by Dr Estwick to Government’s executive arm in 2013.

In fact, he went as far today as to accuse the former prime minister of stealing his ideas.

In the story published by Barbados TODAY yesterday, Arthur recommended urgent debt restructuring and debt exchange management, while saying Dr Estwick’s proposal to use a US$5 billion sinking fund through the United Arab Emirates (UAE) to wipe out the entire national debt, would not work.

“His approach would be different to mine. I would go the way of a debt exchange, which works well – as happened in Jamaica – where a lot of your debt is local debt, that you can get the local debt holders to surrender their existing debt instruments and bond instruments and replace them with a different maturity,” Arthur had said.

The former prime minister emphasized that Dr Estwick’s plan would be a whole different matter entirely, since “it would take all of the debt – domestic and foreign – and make it foreign.”

Dr Estwick lashed out at the BLP’s Economic Advisor Clyde Mascoll for writing off his proposal.

However, it was with Arthur that he was most angry, contending that what the former BLP leader had proposed was no different from what he had recommended to Cabinet in a letter to Stuart.

“What I find incredible is that both men [Arthur and Mascoll] refused to tell Barbadians the truth and nothing but the truth. My document on the domestic debt restructuring utilizes the same debt exchange strategy that Owen is now purporting to be his choice. I gave that as an option in my letter,” an adamant Dr Estwick said.

Citing the pertinent portion of that letter, he recalled that his short-term strategy recommended refinancing the national debt by using the sinking fund; refinancing as much of the debt based on the available sinking fund; engaging a partial debt restructuring exercise regarding domestic debt held by the National Insurance Scheme and the Central Bank; repurchasing discounted domestic bonds; moving aggressively to reduce the Treasury Bill rate; reversing the fiscal restrictive policies and keeping the accommodative monetary policy stance, while ending the printing of money.

The outspoken minister was particularly peeved that Arthur and Mascoll appeared to single out the sinking fund as the only alternative economic options proposed by him.

“I spoke of domestic debt restructuring and outlined the strategy. I also spoke of external debt restructuring separately and then I spoke on using the sinking fund to manage all debt consolidated under the fund,” Dr Estwick stressed.

He noted that it was not good enough to conclude that the sinking fund option would not work because the domestic debts would be converted to external debt.

“Why would a strategy that saves the Government $1 billion in debt service be a wrong strategy? The Government for 2016 will pay $1.7 billion in total debt service. If the sinking fund strategy saves the Government $1 billion in debt service annually, then I want Mascoll and Owen to tell Barbadians why it would not work,” the former Minister of Economic Affairs said.

“If I can get a loan at an interest rate on that loan that is half of that of the domestic loan than is now being paid, one would have to be a clown not to take it because it is foreign and continue to pay twice as much as on the local loan. I reject unequivocally the position of Owen and Mascoll regarding the sinking fund consolidated strategy,” he insisted.

emmanueljoseph@barbadostoday.bb

49 Responses to Not Owen!

  1. Sunil Brome
    Sunil Brome March 4, 2017 at 1:12 am

    This is what it is coming to? He stole my idea…this pettiness while this country continues to sink. All of you DLP Ministers should go home. If you Estwick are so displeased with the DLP leave, simple as that. Become an Independent and still have a voice. Barbados has no more time with this foolishness. You are being most petty.

    Reply
    • Heru Adetokunbo Baako
      Heru Adetokunbo Baako March 4, 2017 at 8:13 am

      Tell us how an independent gets anything done for his constituents in a country that believes solely in partisan politics? We know for a fact that certain things gets done of ya party in power………….if you actually follow what’s going on, you would notice that he has opposed almost all of the positions this government took, and he has a letter to the artist formally called PM (I refuse to call his name) outlining the very same processes currently being outlined, I’d say a little “idea stealing” went on………lol!

      Reply
    • Sharon Taylor
      Sharon Taylor March 4, 2017 at 8:19 am

      More than petty… So only one person can come up wid d same ideas? Estwick need to get ideas to lift d bwa!

      Reply
    • Peter March 4, 2017 at 2:38 pm

      Emmanuel Joseph. I don’t have the time to read all this that could have been stated in two, perhaps three or even four paragraphs. Owen is not honest about helping Barbados. Believe that and you’ll believe anything. Sinkler is NOT smart enough to see this. Sinkler should be thanking Estwick for getting him into parliament much less his job. Estwick , the Shadow Min. of Finance, exposed the hidden secretes of Owen. especially that cheque from Mariano Brown who was financing the BLP like Paris is financing the DEMs one was a banker the other is a crashed Insurance company. Stuart is full if ignorance and fear. He knows he can do nothing. The commanders in the DEMs don’t like nor agree with Sinkler’s move. But none o’DEM can’t do anything or it will be Elections within a couple of weeks. Owen will be running with the washed UPP party which if filled with failures. Imagine McLean? One can smell the vomit he spews daily on Brass Tacks. Well, Every Bajan knows the DEMs are not only split but splintered. About six o’DEM want to rule. Mia and David Estwick, You two are the best choice. Carson C Cadogan, Zeus. and Rosalita, Carolita undecided back yard fowls, ya’all mus be s scratching.

      Reply
      • marva March 4, 2017 at 7:01 pm

        I believe Owen is genuine. Power is addictive and so is the belief that the country’s solution are invyiyr hands. Now that is power and it is fuelling Owen at the monent. He sees him self as saviour and he is not getting his limelight in the Bees.

        Reply
  2. Dennis Connell
    Dennis Connell March 4, 2017 at 1:44 am

    Watch out for the others coming out….just the begining

    Reply
  3. Mark My Word March 4, 2017 at 1:50 am

    We will now see if Estwick is really a Pit bull or a Poodle

    Reply
  4. Len White
    Len White March 4, 2017 at 2:00 am

    Barbados is desperately in need of men and women who will put their country first. Long after the political parties are gone, there will still be a Barbados. With the silliness that’s plaguing these two parties, I wonder what that Barbados will look like.

    Reply
  5. Sheldine Dyall
    Sheldine Dyall March 4, 2017 at 2:48 am

    Your party don’t want you

    Reply
  6. Lilian Lloyd
    Lilian Lloyd March 4, 2017 at 3:36 am

    AND!! AND !! THE DRAMA UNFOLDS !!!!!

    Reply
  7. Sunshine Sunny Shine March 4, 2017 at 4:14 am

    Why then Mir. Estwick are you condoning the losing position of the DLP by consenting to every policy imposed, while coming out of your kennel a few times to object at certain decisions. Why vent your frustrations so often by telling all of Barbados basically, that your government has failed? We all know that the DLP are a weak administration reflected in the way that they have managed a vulnerable economy. If they have failed, it means you too have failed. Why are you still sailing in the failing ship and under the captaincy of a silent, nuff word, don’t do nothing, but talk a bunch of insulting arrogant nonsense Prime Minister ? Why don’t you lobby the three new parties to become one and be part of that group to contest the next general elections as the new paradigm. Are you really that much of a dog?

    Reply
  8. K Cecille Butcher
    K Cecille Butcher March 4, 2017 at 4:39 am

    Petty Betty…..country first…

    Reply
  9. Zino March 4, 2017 at 4:42 am

    Dr Estwick we do not want to hear you. Grow a pair and stop wining. Sick of you and DEM

    Reply
  10. Michelle Griffith
    Michelle Griffith March 4, 2017 at 5:31 am

    Here we go !

    Reply
  11. Vernon Harris
    Vernon Harris March 4, 2017 at 6:21 am

    This is the first. Wait for the rest

    Reply
  12. Hellkat Sweetz
    Hellkat Sweetz March 4, 2017 at 6:33 am

    Why did MOF turn external before internal? What’s really going on with those guys. Some political careers are coming to an end . Making others look bad will not help . No man is an island no man stands alone

    Reply
  13. Jason Greenidge
    Jason Greenidge March 4, 2017 at 6:59 am

    This country was left in depth by this same man.. wonna blind ppl.

    Reply
    • Sunil Brome
      Sunil Brome March 4, 2017 at 7:44 am

      Every country has debt…every business has debt. How the debt is managed is the real concern. That is the fundamental issue with this party trying their way for years has been detrimental to us Barbadians.

      Reply
    • Jason Greenidge
      Jason Greenidge March 4, 2017 at 7:53 am

      So the vicious mistakes like trusting s building from a contractor, and not paying up.. selling out most our nation own businesses including our national bank to non nationals.. running up a bill and not seeing where the money went on the highway project leaving millions uncounted for.. to me the reason we in such a mess is because of this man.. just my opinion. . Barbados needs younger economists with these modern times.. what runs the world 15 years ago is no more. It is a new era new ideas needs ti be drawn up

      Reply
      • Valerie Knight March 5, 2017 at 4:20 pm

        Mr Greenidge you need to get your facts right BLP sold some of the shares in National Bank, the DEMS flogged the entire balance.

        Reply
    • Suezette Boyce-Griffith
      Suezette Boyce-Griffith March 4, 2017 at 7:56 am

      Even if it was left in debt there were there for 8yrs to do something about it why give us so much lies man only God can save us now

      Reply
    • Jason Greenidge
      Jason Greenidge March 4, 2017 at 7:57 am

      And almost 20 years by the last team that dig the hole we in

      Reply
    • Jason Greenidge
      Jason Greenidge March 4, 2017 at 7:59 am

      20 years digging a hole and 8 years trying to fix it?.. my maths tell me sein aint adding up

      Reply
    • Jason Greenidge
      Jason Greenidge March 4, 2017 at 8:01 am

      We need younger economists with visions for the future, not old stubborn politicians with words of war to divide this nation

      Reply
    • Sharon Taylor
      Sharon Taylor March 4, 2017 at 8:24 am

      Ur points make a lot of sense Jason Greenidge maybe it will take him to undo his own mistakes… Forgive us tho, for we have very short, selective memories!

      Reply
  14. jrsmith March 4, 2017 at 7:08 am

    My take ,the talk talk of both parties in Barbados has us where we are right now..because nothing is done , there are no real different to each other…
    We just dont have people with the knowledge and level of management , in the political system to manage (Barbados LTD)………
    Here we are having a public argument , amongst learnted persons , as if we were in a local rum shop, thats why we are in this shit…..
    …………………………………………………………………………………
    Printing money is not a bad thing , but what is that money be used for…. borrowing to pay debts if the debts is really going to be paid , so far this government its hard to determine what they are there for, they themselves dont even know…….
    ……………………………………………………………………………..
    We are in debt so what , the whole world is in debt ,a lot of which would be written off and never repaid, but something must be done… for Barbados (ASAP )
    …………………………………………………………………………………..
    We need 1 billions (US), giving barbados 2 billion (BDS )to pay of external loans, and invest 1 billion in the Barbados (INFRASTRUCTURE ) aiming at the very serious upgrade in (Agriculture), pushing for a fairly up to date export market and getting bajans back to work and bring new jobs and hoping for a cottage industry spin off….

    Reply
  15. Kim Smith
    Kim Smith March 4, 2017 at 7:25 am

    We want to be save ,we do not want the long talk. #fed up

    Reply
  16. Lynette Ice-cream Rollock
    Lynette Ice-cream Rollock March 4, 2017 at 7:42 am

    Stupes

    Reply
  17. chris hill March 4, 2017 at 7:50 am

    And the drama has only just begun. sinclair has his own playbook of which has failed misably, arthur appointment was only to muddy the waters and create a media frenzy, taking away from the real issue and that being chris’s hadling of the economy. now coming back to bite him. estwick should resign in protest and go public as barbados’s biggest whistle blower.

    Reply
  18. Corrine Clinton. March 4, 2017 at 8:19 am

    Stop fighting over the remedy. Find a cure. The country is in ICU.

    Reply
  19. Walmark John F March 4, 2017 at 8:22 am

    It’s like the blind leading the blind.

    Reply
  20. Corrine Clinton. March 4, 2017 at 8:23 am

    Estwick should ask himself why no in the Cabinet one is listening to his advise.

    Reply
  21. gsmiley March 4, 2017 at 8:25 am

    Estwick got a lot of talk .He in going nowhere. I have lost all respect for him. Joker

    Reply
  22. Igrunt Barbie March 4, 2017 at 8:36 am

    Bajans have such short fricking memories. This problem commenced with the squandamania and mismanagement from the bee particularly in the third term and then incompetent arrogant finance minister. Now please don’t get it twist about pettiness. Bajans are to fricking partisan. Wunna idiots should have formed a coalition governemnt… I had liked the idea of Estwick’s proposal. My only concern is the tradeoff…. But that was about it…. He did speak of all that stuff on the radio…..one morning…. The men dismissed it and continued full steam ahead. Arthur is the same man that was still proposing a toll fly over… That wunna buffoons would be paying to use… His exact words it will pay for itself by way of tolls….a bunch of money would have been wasted to construct something we don’t quite need. He has some good points and we can take in abit but he is no magician… Both parties are responsible for this mess…full stop… Wunna blinded by partisan like a bunch of yard fowls…political slave following desire pipers fiddle… Yun right Estwick!!!

    Reply
  23. Igrunt Barbie March 4, 2017 at 8:45 am

    What the man proposing is what i did to get rid of credit card debt 23-26.2% … Got a loan at a lower interest rate at like <10% turn around loc of 16%to aid… Cleared it the credit card… Paid of the loc… Along with making some sacrifice and increasing my money inflow… And now i have reduce my debt significantly… So he wants to so he proposing that… On a bigger scale… Man too much Egomaniacal jackasses in politics

    Reply
  24. harry turnover March 4, 2017 at 9:22 am

    This ” I doan mek rain man” ONLY come out and saying so BECAUSE Arthur said his ( Estwick ) proposal was hog wash.
    This big ” pit bull ” like he real petty though jack.
    What ever advice from Arthur or ANY MAGICIAN comes with now CANNOT turn around the economy in a years’ time and ALL a DEM still gine through de eddoes for de LIES DEM did telling since 2008.

    @Jason Greenidge…..the foreign reserves and the measures taken before 2008 are keeping you and BARBADOS intact right up to this day.
    If Sinckler didn’t fiddle with the engines of growth and productivity by putting diesel into the gasoline engines dum won’t ta never mash up and he would not have to call on a man that he would cuss out with venom every wind up budget debate when he did wid the Bees.
    Sinckler a brilliant mechanical economist well known for his ability to MASH UP economies now calling on the same man a REAL REAL economist to tell him the SAME things he has been telling him over
    the years.
    Sinckler the first thing Arthur gine tell you is that ya got to get a NEW engine…ya mash up the one dat ya did using all dese years..dah done wid ..cah it to Bowens.

    Reply
  25. Concerned March 4, 2017 at 9:49 am

    LORD HAVE MERCY UPON US, CHRIST HAVE MERCY UPON US, LORD HAVE MERCY UPON US.
    AMEN

    Reply
  26. jrsmith March 4, 2017 at 10:30 am

    My take , the talk talk brigade of both parties in barbados , have us at this terrible crossroads , because the previous and the present acts out the same behaviour ..
    It has come to past that we in Barbados , just dont have the people with the knowledge and required levels of management to manage ( BARBADOS LTD)…
    …………………………………………………………….
    Here we are having a public to world exposure argument with learnted persons , who was or still is part of our failed political infrastructure….behaving as if were in the local rum shop..thats why we are where we are lost in the economic Sahara…….

    The issue of printing money is not a bad try ,,, its what you are going to use the money for..
    Borrowing money to pay your debts , what and which debts and if the debts would be really paid….so far this government makes it hard to determine what there are there for , which they themselves cannot even determine….
    …………………………………………………………………………….
    We are in debt so what , so is most of the world which most of the debts would be written of and lots not repaid , but in barbados something must be done (ASAP) the talking is over you people who are claiming party asylum , need to stop us sinking into the ocean ……..
    …………………………………………………………………………………….
    For me barbados is a nation of non productive people especially in the public sector…where what really matters is the individual support for the party…
    ………………………………………………………………………………..
    My take we borrow 1 billions (US) 2 billions (BDS ) use 1 billions to pay of external loans as much as possible ..
    Invest the other billion in the barbados (INFRASTRUCTURE) ,,,,,,,
    Updating and redeveloping our (Agriculture ) to exporting standard .. getting people back to work and engaging our young people, hoping for a cottage industry from them……

    Reply
    • Igrunt Barbie March 4, 2017 at 12:36 pm

      What you are saying is most agreeable… However debt is good and necessary for growth… The problem comes when there is lack of growth and high expenditure and compounded interest… Etc…. Also debt with a rising deficit… Sooo the problem is not the debt it isvthe returna on that debt and interest accumulation licking up we behinds…. I especially agree with the agriculture bit and possibly some stuff in manufacturing and renewable energy as a means of grotwth and cost reduction… I also think some new investment… And maybe amendment to the act in the bussiness of money… Too much red tape….. I do concur bajans are too partisan and we should have form a coalition but de buffoons would tell me i talking ahit…. Amalgamate… Print money man can and has had a domino effect of cons outweighing pros…. But good spin

      Reply
  27. Ernesta Catlyn March 4, 2017 at 10:39 am

    I’m sitting up and watching with interest

    Reply
  28. Jon brown March 4, 2017 at 10:40 am

    But that strategy whilst it saves debt service. It hurts foreign exchange due to the FX restrictions. Because to pay 100 percent of our debt as foreign will drain FX even quicker along with the drain from imports.

    Any reconstruction of debt has to be done via refinance of long term debt. Pushing maturities out or painfully cutting principal

    Reply
  29. Lori March 4, 2017 at 12:28 pm

    Waiting to see what this pit bull gonna do hmmmm
    This country troubles started with Arthur, now, they’re going back to d man who cudnt prevent it from happening in the first place? Wake up ppl

    Reply
  30. Mikey March 4, 2017 at 12:48 pm

    The Bajans politicians should read about Australia, Norway, Sweden, Denmark, China, Singapore and even New Zealand ,,,, how they have handled their ECONOMIES for the past 25 years .
    THE INFORMATION IS THERE FOR EVERY ONE TO READ .
    THERE ARE NO SECRETS NOR HOUDINI TRICKS !!!

    Reply
  31. Donild Trimp March 4, 2017 at 12:49 pm

    “Dr Estwick lashed out at the BLP’s Economic Advisor Clyde Mascoll for writing off his proposal.”

    “However, it was with Arthur that he was most angry, contending that what the former BLP leader had proposed was no different from what he had recommended to Cabinet in a letter to Stuart.”

    To all Barbadians, there you have it. THE LOGIC OF EDUCATED FOOLS.

    The above statements by this man with Dr before his name shows why Barbados will remain a basket case for years to come.

    Let’s examine the stupidity of this educated fool. He was the first one to come up with the proposal which made it good for the country.

    The same proposal he came up with, is now being put forward by someone else, so in his warped logic, he will not support it because “it is no different from what he had recommended to Cabinet in a letter to Stuart.”

    These educated fools with Dr before their names are the people responsible for the sorry state Barbados is in.

    This warped logic is no different from the ignorant people in America who are clamoring to replace “Obama Care” with the “Affordable Care Act”.

    Reply
  32. Troy March 4, 2017 at 2:53 pm

    The Eager Eleven will resurface once again. As we wait with bated breath as the drama unfolds. Mr Stuart as usual will deny any knowledge of fractions with in his party.

    Reply
  33. miche March 5, 2017 at 9:54 am

    SELFISH desires… Dr Eswick always saw himself as air-apparent ,when it comes to the financial side of the dems,,,Now that is being threatened,,as Owen is on board,,,,, Selfishness has no part in teamwork David,,,so do what you feel is necessary to appease your anger and self centered desire,,, I prefer you to go,,rather than be a thorn. a loose cannon,as this can kill the friendly more so than the enemy

    Reply

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