Chaos in the Caribbean
In the 1990s, Jamaica was dealing with a major crisis in the financial sector. This is because of a series of events came together simultaneously, to create a situation where the economy would face tremendous challenges. At the heart of these issues were: rising inflation, skyrocketing interest rates, a devaluation of the Jamaican dollar, the lack of fiscal restraint on the government level and limited regulations of the financial industry. The combination of these factors created a situation where the economy went into an economic collapse. ("FINSAC Commission of Inquiry," 2010) ("Zooming in on the 90s Meltdown," 2011)
In the case of the financial sector, an outside consultant (Ted Avey) was brought in, to investigate the collapse associated with Blaise Financial. This was a large financial holding company that was considered to be: a traditional bank, a building society and an intermediary for currency transactions. In...
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