{"id":131343,"date":"2021-06-19T07:14:42","date_gmt":"2021-06-19T11:14:42","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=131343"},"modified":"2021-06-19T07:14:42","modified_gmt":"2021-06-19T11:14:42","slug":"banks-are-only-serving-the-rich-in-pandemic","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/banks-are-only-serving-the-rich-in-pandemic\/","title":{"rendered":"Banks are only serving the rich in pandemic"},"content":{"rendered":"
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When monetary stress enters the economy through any kind of upheaval, be it hurricane, pandemic or otherwise indigenous banks go very silent, lending all their money to the government and the reliable rich, and even though bursting at the seams, their penny customers starve.<\/p>

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There are no stimulus packages built for the entrepreneurs and the local people who have been paying interest all their lives, and even locals with worth in land or property are being forced out of business by the failure of the banks to observe empathy for their small local clients.<\/p>\n

COVID protocols have now given the bank operatives shelter from the people in need so they don\u2019t even have to see their customers, and bankers are now further hidden and the money protected for their expatriate business customers.<\/p>

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The hardest part is the failure to respond to requests, thereby leaving customers hanging in limbo for weeks while the business falls deeper into failure and the morale of the owners and their staff become too low to function, and the business goes under.<\/p>

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Initially the banks had to be nudged into granting a six month moratorium on loans during a pandemic which was expected to last one year and maybe more.<\/p>\n

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The second six month did little to ease the squeeze as the tourist based economy was still flat, but after that next six month ended, the apparent swim or sink attitude of the rapacious bankers has become the order of the day.<\/p>\n

As the government continues to dip their hands heavily into the indigenous bank\u2019s reserves, small business and individual loans are being pushed aside and ignored while their businesses sink into the mire.<\/p>

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In times like these entrepreneurs need a saviour, but the Government institutions are not built for the country\u2019s internal usage in saving the local economy from crashing, but instead, all of their energies are spent in attracting Foreign Direct Investment, expanding the CIP and coddling the investment already in the country.<\/p>\n

Where is the Small Business Investment Incentives program which is expected to bail out the local businesses, which together as a body, help government with a large part of the country\u2019s economic development.<\/p>\n

Today, as the country\u2019s poor increase and the unemployed seek to find ways of eating, people are returning to the tray outside their homes and the roughly made side-of-the- road stalls at busy junctions all over the island, and not just in the town.<\/p>

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The Third World look has returned to Antigua, but the banks are reported to be bursting at the seams with money which the local population will never find access.<\/p>

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Normally the banks would be pressured by the Government to free up the local lending with assurances from our Treasury but Government has borrowed all of the money available leaving only that which the bank keeps for their expatriate business expansion schemes.<\/p>\n

In circumstances like this where the population is left broke and constantly abused by all and sundry, hostilities build up and the suffering of the people spills out in ways which can damage lives and property and ultimately create dangerous spillovers into the business community.<\/p>\n

Ultimately large losses will have to be written off to fires and other willful destruction of businesses and property as hunger unleashes passion.<\/p>\n

Someone always pays the cost, either in measures to maintain economic stability with cooperation from the banks backed by government security, or in repairs, rehabilitation and rebuilding after hunger and passion unleashes rage!<\/p>\n

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When monetary stress enters the economy through any kind of upheaval, be it hurricane, pandemic or otherwise indigenous banks go very silent, lending all their money to the government and the reliable rich, and even though bursting at the seams, their penny customers starve. There are no stimulus packages built for the entrepreneurs and the […]<\/p>\n","protected":false},"author":3,"featured_media":131344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-131343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBanks are only serving the rich in pandemic - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/banks-are-only-serving-the-rich-in-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks are only serving the rich in pandemic\" \/>\n<meta property=\"og:description\" content=\"When monetary stress enters the economy through any kind of upheaval, be it hurricane, pandemic or otherwise indigenous banks go very silent, lending all their money to the government and the reliable rich, and even though bursting at the seams, their penny customers starve. 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