{"id":196208,"date":"2024-02-28T11:26:38","date_gmt":"2024-02-28T15:26:38","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=196208"},"modified":"2024-02-28T11:26:38","modified_gmt":"2024-02-28T15:26:38","slug":"dr-george-daniel-criticizes-pm-brownes-comments-citing-potential-destabilization-of-global-bank-of-commerce","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/dr-george-daniel-criticizes-pm-brownes-comments-citing-potential-destabilization-of-global-bank-of-commerce\/","title":{"rendered":"Dr. George Daniel Criticizes PM Browne’s Comments, Citing Potential Destabilization of Global Bank of Commerce"},"content":{"rendered":"
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Source Real News Antigua:<\/strong> Former university lecturer Dr. George Daniel says that Prime
\nMinister Gaston Browne\u2019s recent comments about the Global Bank of Commerce (GBC) pose a greater risk of destabilizing the bank than actions taken by depositor Jack Stroll. CLICK HERE TO JOIN THE WHATS APP GROUP<\/a><\/strong><\/p>

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Last Thursday, February 22, Browne said the businessman\u2019s current lawsuits could cause other GBC customers to lose some of their savings or investments in the financial institution.<\/p>\n

Reportedly, for about five years now, Stroll has been trying to withdraw his money from the bank, and the matter finally led to him taking legal action.
\nIn doing so, the businessman failed to honour an agreement for \u201csecrecy,\u201d Browne alleged during last week\u2019s sitting of the Lower House, and put GBC\u2019s viability at risk.<\/p>

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However, Dr. Daniel says the prime minister\u2019s previous statement \u2013 that the Government was removing its holdings with the bank in order to reduce its risk \u2013 actually served to place the bank in jeopardy.<\/p>

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Browne needs to think before he opens his mouth, Dr. Daniel cautions, adding that what Stroll is doing now \u2013 withdrawing his money to reduce his risk \u2013 is no different from what the Government says it will do.<\/p>\n

In fact, according to the former lecturer, the prime minister\u2019s statement would sink any bank.<\/p>

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Meanwhile, Dr. Daniel says, Browne\u2019s statement about the mechanism he plans on using to reduce the Government\u2019s exposure does not make sense.<\/p>\n

<\/figure>\n

If the Government is not honouring its commitment with Treasury bonds, Dr. Daniel says, then how does it plan to raise the $600 million to make up the budget shortfall.<\/p>

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The 2024 budget is $1.8 billion; however, the Government\u2019s revenue amounts to about $1.2 billion, which leaves the deficit to be raised through Treasury instruments.<\/p>

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But given the current situation, Dr. Daniel wonders who is going to take up any Treasury bills issued on the Securities Exchange by the Browne Administration, when it is not honouring its obligations.<\/p>\n

Meanwhile, Dr. Daniel says, yet again, that the Government of Antigua and Barbuda has a finance-management problem, as it is not prudent with its spending nor efficient with its tax collection.<\/p>\n

He underscores that the Gaston Browne Administration is broke because of bad management of the economy.<\/p>\n

CLICK HERE TO JOIN THE WHATS APP GROUP<\/a><\/strong><\/p>\n

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 <\/p>\n

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\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Source Real News Antigua: Former university lecturer Dr. George Daniel says that Prime Minister Gaston Browne\u2019s recent comments about the Global Bank of Commerce (GBC) pose a greater risk of destabilizing the bank than actions taken by depositor Jack Stroll. CLICK HERE TO JOIN THE WHATS APP GROUP Last Thursday, February 22, Browne said the […]<\/p>\n","protected":false},"author":3,"featured_media":194246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-196208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nDr. George Daniel Criticizes PM Browne's Comments, Citing Potential Destabilization of Global Bank of Commerce - 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\/dr-george-daniel-criticizes-pm-brownes-comments-citing-potential-destabilization-of-global-bank-of-commerce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dr. George Daniel Criticizes PM Browne's Comments, Citing Potential Destabilization of Global Bank of Commerce\" \/>\n<meta property=\"og:description\" content=\"Source Real News Antigua: Former university lecturer Dr. George Daniel says that Prime Minister Gaston Browne\u2019s recent comments about the Global Bank of Commerce (GBC) pose a greater risk of destabilizing the bank than actions taken by depositor Jack Stroll. 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