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Thursday, April 23, 2009

Coming soon to a debtor country near you

From this story concerning tax increases in Jamaica:

Police and soldiers were deployed at what the government called "strategic" locations across the Caribbean island to quell any violent protests. Finance and Planning Minister Audley Shaw was expected to announce the tax increases during a budget debate later on Thursday.

Prime Minister Bruce Golding told the nation during a national broadcast Wednesday night that Jamaicans should brace for tougher times because the island could not continue to borrow money to fill holes in the budget.

"There is speculation about the likelihood of tax increases and that there could be disturbances. But what purpose would that serve? Would it close the budget gap. Jamaica can no longer borrow to fill the gap in the budget," Golding said.
It can't happen here, can it?

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