The notice at the bottom of this article was posted on the internet by Danfonds Frontier Markets on Thursday, 14 August 2008. Our government has gone silent on this matter. The population is being starved of information on the status of the local economy. There are several questions the people of this country want answers to: What is the extent of our external debts? Can our government please clarify what it meant by “irregularities” with the issue of euro 54.75 million worth of junk bonds? Until now the country have been kept in total darkness on these matters, President Michel’s government is turning out to be conducting the business of the people in total obscurity, which he promised would not be the case at the start of his presidency. The right of access by the public to information (Article 28, Constitution of Seychelles) is being denied in the year of “Our Constitution, Our Voice” – by non-other than the President himself: Judge me by my actions. President James Alix Michel. April 2004
Something that does not happen much, Standard & Poor’s has cut its credit rating on the Republic of Seychelles to selective default! The country has just failed to service a privately placed euro 54.75 million amortising note due 2011.
The ratings agency also lowered its rating on Seychelles $230 million global bond due 2011 to “CCC-” from a “B” rating. All Seychelles bonds have fallen like rocks! Ouch….