U.S. President Barack Obama’s plan to cut power plant emissions by 30 percent can spur other major emitters to step up greenhouse gas cuts, envoys from developing countries said at United Nations climate talks.
Grenada called on creditors to restructure $193 million of bonds ahead of a coupon payment this week that the Caribbean island’s government said it can’t afford to make, eight years after its last debt swap.
Viewed with 347 years of hindsight, it was possibly history’s most one-sided trade. In 1667, when spices were worth more than gold, England and Holland agreed to divvy up two islands over which both claimed sovereignty.
Three bond restructurings totaling about $9.7 billion in the Caribbean this year are failing to ignite economic growth and may not help the region avoid more defaults, according to Moody’s Investors Service.