Jamaica to take second 'debt swap' in three years in face of serious economic crisis-BBC

.
2/13/13, "Jamaica in crisis debt-swap plan," BBC

"Jamaica has announced plans for its second debt swap in three years in the face of a "serious economic crisis".

Prime Minister Portia Simpson Miller is taking measures to reduce its debt, which currently stands at 140% of gross domestic product (GDP), one of the highest ratios in the world.

"If this debt is not reduced, Jamaica faces a dismal future," she said.

The move is aimed at satisfying conditions demanded in a deal with the International Monetary Fund.

About 55% of government spending goes towards paying the nation's debt, while 25% goes on wages. That leaves just 20% for everything else - including education, security and health."...

.