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Failure not an option
Thursday, July 12 2012
ALLOWING Clico to fail was never an option. This was the view expressed by outgoing Central Bank Governor Ewart Williams during an interview at his office at the Eric Williams Financial Complex in Port-of-Spain last Friday. Describing that argument as “simplistic,” Williams said bluntly, “There was no way in which any Central Bank or any government would let Clico fail without trying to minimise the impact.” The former People’s National Movement (PNM) government began dealing with the Clico debacle and this task fell to the People’s Partnership coalition when it assumed office in May 2010.
While admitting that he “lost sleep” over Clico and saying what happened there was “a massive fraud on the public.” Williams added, “In the Clico matter, there’s enough blame to go around.” The Central Bank is due to appear before the Commission of Inquiry into Clico and the Hindu Credit Union later this year.
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