Aug 18 – Picardo’s Gibraltar Owes More Than £1.1 Billion – Says GSD
The GSD has said that Mr. Picardo’s Gibraltar has borrowed more than £1.1 billion and that his GSLP/Liberal Government does not deny this level of borrowings. A party spokesperson said: “It is they, no one else, who have increased borrowings to this level. It is they alone who are responsible for Gibraltar, and each of its citizens, owing now this huge sum of money.”
A statement continued: “Mr. Picardo should not and cannot hide behind those individuals that he names; none of them have ever been mentioned or criticised by the GSD. Albert Mena is a public servant, and each of James Levy QC, Peter Montegriffo QC, John Collado and Charles Serruya are advisors and professionals. They each act on behalf of and at the request of Government to advise and undertake functions that inform and give practical effect to political decisions that are taken by Mr Picardo and his Ministers, who are Gibraltar’s elected Government.
“Mr Picardo and his GSLP/Liberal Government alone are answerable for the decision to increase borrowings to more than £1.1 billion by using a company wholly owned by Government to borrow £300 million more for public ends and purposes. It is they, and no one else, who bear the sole responsibility for the decision to increase Gibraltar’s borrowings. It is they who are accountable for any consequences that flow from borrowing that huge sum of money and using it.
“No one borrows because it is “... an excellent deal ...” People and companies borrow money because they need or want cash for whatever each decides to use it for. There is no difference in a decision by a government to borrow money. In the end all borrowers have to be satisfied of affordability. The GSD is not satisfied that saddling our community with more than £1.1 billion of borrowing is prudent or safe. It is less so in an uncertain world post the BREXIT vote: time will tell. Is Mr Picardo deciding that the borrowing solves problems now but will be someone else’s problem in the future?”
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