Alexa
  • Directory of Taiwan

Grenada warns on Taiwan's effort to collect debt

Grenada warns on Taiwan's effort to collect debt

Grenada says an effort by the government of Taiwan to recover a debt is threatening its tourist-dependent economy.
Finance Minister Nazim Burke says cruise lines and airlines have received legal papers from a U.S. firm ordering them to turn over any fees they owe to Grenada. The law firm is trying to collect a $28 million judgement owed to Taiwan.
Taiwan's Export-Import Bank has been trying to collect since winning a suit against Grenada in 2007. Grenada says Taiwan refused to renegotiate the loans because Grenada severed diplomatic relations in favor of rival China.
Burke said Monday the collection effort will cost millions and has already prompted one cruise line to threaten to cancel planned stops in Grenada.