Belize Close To Default

Rising government spending this year is pushing Belize to default on its debt, according to ratings agency Standard & Poor’s, which earlier this week downgraded the Central American nation from CCC- to CC, just two notches above a default rating. Belize, which has $960 million of foreign currency debt has said it will move to restructure its international bonds. The country has a debt-to-GDP ratio of 90% and spends over a quarter of its government revenue servicing that debt.