Bridgetown.
President of Caribbean Development Bank (CDB) Dr Warren Smith, thinks that a solution to the CLICO problem in the region that pleases all of the interested parties will be ddifficult to acomplish.
Smith also expressed the view that the Government of Barbados could not afford to bail out the Barbados operations of CLICO far less those in the Eastern Caribbean where the Barbados subsidiary of CL Financial sold millions of dollars in policies and investment instruments.
"I dont think that the Government of Barbados is in any position to come up with the resources to bailout either their own or the countries of the Eastern Caribbean and the countries of the Eastern Caribean cannot afford to do that", Smith told the regional media in his first press conference as president of the CDB.
"It is a real difficult problem and I am not sure that there is going to be any situation that is going to be generally accepted. That is the unfortunate situation", he added.
