Antigua is Bankrupt

For many decades, Antigua has been ethically and morally bankrupt. This next phase follows naturally, so it is no surprise to international observers that the Ministers of Antigua and Barbuda admit that their country is also financially bankrupt.

Of course, these statements are not made outright. As with any financial alchemist, facts are spun and disguised to mask the truth. But there is no mistake in the symptoms of bankruptcy that appear clearly at every turn and in every corner.

The first warning sounded during the last decade, with the expropriation of the Half Moon Bay Resort. Although the property was internationally recognised, and its expropriation vigorously opposed by the property's legitimate American owners, this breach of international treaties went virtually unnoticed.

However, for those following the event, this removal of the cornerstone of democracy and human rights was a clear signal of impending change, an important departure from legitimate governance.

For the world at large, alarm bells began ringing when Antigua's powerful benefactor, R. Allen Stanford, was arrested and indicted for a massive Ponzi fraud.

The collapse of Stanford's empire meant more than a loss of jobs and of money easily changing hands in Antigua.

Antigua's reputation as a finance and investment centre was at stake.

The world's attention was now focused on Antigua, with greater interest than had been attracted by previous Antiguan contributions to the darker side of international concerns, such as the...