Home' Trinidad and Tobago Guardian : July 11th 2015 Contents A21
Saturday, July 11, 2015 www.guardian.co.tt Guardian
Applications will be accepted from ten (10) working days prior to the auction date. The
deadline for submission of tenders to the Domestic Market Operations Department of the
Central Bank is 12:00 noon on the auction date.
Central Bank of Trinidad
and Tobago and must accompany each tender. Cheque payments must be submitted no later
than three (3) working days prior to the auction date. Cashiers are open 8:00 a.m. to 12
noon Monday to Thursday and 8:00 a.m. to 2:30 p.m. on Friday.
Competitive tenders can be submitted for any amount up to the issue size and must state the
price the bidder is willing to pay for each $1,000 of the face value being applied for. Competitive
bids may be rejected if the face value of the entire issue is allocated at higher bid prices or if
made to a bid that is rejected.
bidder agrees to accept the weighted average price of the successful bids determined in the
For competitive tenders, payments must be in the amount of the total cost of the bills; for
non-competitive tenders, payments will be equivalent to the face value being applied for.
The Central Bank of Trinidad and Tobago invites tenders
from the public for the following issues:
TREASURY BILL AUCTION
www.central-bank.org.tt/content/treasury-bills or call
The National Infrastructure Development Company Limited (NIDCO) in partnership
with the Ministry of Works and Infrastructure wishes to advise motorists and the
travelling public that on Saturday 11th and Sunday 12th July, 2015 between the
hours of 7:00 am and 6:00 pm each day, asphalt paving works will be carried out on
the lanes of the South to West Ramp of the Churchill Roosevelt Highway/Uriah
Butler Highway Interchange. These works are being done to improve the asphalt
pavement on the ramp.
Motorists are kindly asked to note the following when approaching the area of
Reduce speed to 25 kph.
Please proceed with extreme caution and observe all directional signs and
barriers in the work area.
Police Officers will be on site to facilitate the flow of traffic in an orderly manner.
All precautions are being taken by NIDCO and its contractors to ensure that proper
Health, Safety and Environmental Standards are maintained. NIDCO apologises for
any inconvenience caused.
For further information please contact:
THE CORPORATE COMMUNICATIONS DEPARTMENT
National Infrastructure Development Company Limited
#3 MELBOURNE STREET, PORT-OF-SPAIN
AT&T Guardian editorial
this week sounded
advance warning about the
potential contagion impacts of
the feared exit by Greece from
the Eurozone. There are some
other important lessons to be
learnt from Greece s turbulent
In comparing the two coun-
tries, I can see striking similari-
ties between T&T and Greece s
gallop to insolvency.
For example, we are burdened
annually by state expenditure on
a festival with no measurable
return on investment. This is
coupled with a reluctance to
invest in diversified tourism
products with the potential to
earn foreign exchange.
Low productivity is as much a
part of our culture as is the
mid-week riverside lime. We are
characterised by a strident sense
of entitlement to our share
even though nothing is done in
the way of earning it. In many
respects T&T and Greece are
Greece s economy is groaning
beneath the weight of consider-
able debt and punishing, seem-
ingly interminable, austerity
It isn t surprising that more
than 60 per cent of the Greek
people, in a referendum held
over the weekend, voted against
the continued strangulation of
further spending cuts, increases
in taxation and punitive eco-
nomic structural reforms.
Some critics of the referen-
dum say people went to the
polls without a sufficient under-
standing of what they were vot-
ing for. Indeed, many pension-
dependent older citizens, fed up
with the dictates of EU money
lenders, are keen to see Greece s
departure from the economic
Greek Prime Minister Alexis
Tsipras called the EU s bluff
knowing that creditor countries
simply can t afford to have
Greece default on its loans.
The sums are so significant,
with debts amounting to
approximately 356 billion euros,
that a Grexit would imperil
several EU nations.
If Greece were to fall out of
the European Union, unpaid
loans could trigger a crisis of
confidence across the European
financial sector, leading to
another fiscal meltdown.
There is a degree of political
one-upmanship and hubris here.
Tsipras party rose to power by
shaking its fist in the face of
the Eurozone while promising
relief for long suffering Greeks.
This weekend s referendum was
an attempt, by Greece, to play a
greater role in setting the terms
of interminable negotiations.
The Greek government wants
30 per cent debt forgiveness
among other concessions. The
Syriza party has promised to
reinstate more than 10,000 civil
servants sacked by the previous
government as well as 15,000
state media workers. Staying in
power means writing cheques
the Eurozone isn t eager to cash.
Apart from the influence of
politics in this mess, there is
the question of economic mis-
Greece s failed recovery in the
wake of the global financial col-
lapse in 2008 is often attributed
to a bloated public sector. A
considerable amount of bailout
money went to paying civil
service wages, amounting to a
whopping 40 per cent of the
According to an article in The
Economist, some Greek public
servants can retire after 35 years
in the service with 80 per cent
pay. Additionally, Greek taxation
is considered to be wholly dys-
functional and rife with tax eva-
The latest development is that
the Greek parliament approved
new proposals which have been
submitted to its creditors. The
Greek Prime Minister is walking
the tightrope of appeasing a cri-
sis-weary population and satis-
fying creditor nations stuck with
fistfuls of IOUs. It is important
to bear in mind that Greece is
pushing for another bailout
package. That means runaway
spending on public wages, tax
avoidance and weak export
earnings will have to be
addressed more seriously.
While Greece is still not out
of the woods, in T&T we ve
been lost in the woods for
years. We just don t know it.
Petroleum has made us fat,
happy and oblivious to the
vagaries of global finance.
We continue to practice a cul-
ture of collective bargaining
which guarantees public sector
workers and employees in state
companies salary increases, irre-
spective of prevailing economic
conditions. If the oil price is up,
unions march and menace for
higher wages. When the oil
price is down, "Daiz nut my
problem, pay me my money!"
Additionally, our society but-
tresses a system of reward for
nothing in the public sector.
Unprofessional conduct at
Licensing, Immigration, the
Companies Registry and so on
has a knock-on effect on this
country s competitiveness and
productivity. That can t change
if you take the stick out of the
equation and simply hand over
Ours is a culture in which
unions routinely withhold labour
which, for all intents and pur-
poses, is already being withheld
under optimal labour conditions.
Political expediency creates a
further imbalance in wage nego-
tiations as governments believe
they can rally the working man
to their side.
Governments past and present
continue to funnel oil and gas
revenues into a bloated public
sector and prop up an artificial
economy. Economic diversifica-
tion exists primarily as a theme
around which costly conferences
and seminars are staged.
Our collective stupor blinds us
to the economic peril which
always seems to be nipping at
our heels. Greece s troubles
shine a spotlight on our own
failures. Like them, we could
very soon find ourselves in a
very tight spot, without any
LESSONS OF THE GREEKS
"Governments past and present continue to funnel oil and gas
revenues into a bloated public sector and prop up an artificial
economy. Economic diversification exists primarily as a theme
around which costly conferences and seminars are staged."
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