Belize to Skip Payment If Lenders Don't Relent - WSJ.com


Belize is insisting that creditors forgive 45% of what they are owed, or allow it to delay any debt payments for 15 years. Otherwise, it says it won't make its next payment of $23.1 million due on Monday. And if Belize and its bondholders don't reach a deal by Sept. 19, the country will default on its $543.8 million in outstanding debt--making it the first sovereign default since Greece forced creditors to take a 53.5% loss in March.
Creditors say Belize didn't tell them directly that it planned to skip a payment. The country simply posted its intention on the Central Bank of Belize's website.