🧵 1. Grenada suspends debt payments after Hurricane Beryl wreaks havoc, using clauses in bonds to delay repayments and fund recovery efforts. #finance
🧵 1. Grenada suspends debt payments after Hurricane Beryl wreaks havoc, using clauses in bonds to delay repayments and fund recovery efforts. #finance
🧵 2. Island nation's move could set precedent for climate-vulnerable countries, saving $30 million in payments and supporting essential services.
🧵 3. Grenada's use of post-disaster debt clauses aims to avoid economic turmoil seen after Hurricane Ivan two decades ago, providing breathing space for crisis response.
🧵 4. Development of these clauses a decade ago pays off as Grenada's bonds postpone payments to US investors, enabling focus on urgent recovery needs.
🧵 5. Debt suspension measure presents a lifeline for countries facing climate change impacts and sets example for future disaster recovery strategies.
🧵 Read more at: https://www.euronews.com/green/2024/08/22/what-is-a-hurricane-clause-grenada-suspends-debt-repayments-after-natural-disaster-in-worl