CURIOUS MINDS WANT TO KNOW. WAS ANY PART OF THE 2002 BELIZE DEBT TRANSFERRED TO BONDS INVALID? The question was asked but NEVER answered some years ago. Curious minds, want to know now, the outcome of this bit of imaginative finance.
In 2008 Ecuador defaulted on debt the government said had been contracted unlawfully by a previous administration.
In the event that it was true that some instruments used to secure the "superbond" in 2002 was quoted in US dollars when
it was really BZ dollars then that would have made that debt "unsecured" and invalid. SO allegedly somebody pocketed millions of dollars at the loss to the country of Belize. ALSO legally speaking such debt part of the SUPERBOND WOULD BE illegal and able to be cancelled.
If any statement in this prospectus was not true then the note was invalid.
Bear Stearns Prospectus
http://data.cbonds.info/emissions/11101/Prospectus_Belize_2012.pdf
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