In The Bahamas, we call on 'the Almighty' for everything and at least superficially, are a God-fearing nation. Given the way the country's economic state of affairs is trending (steadily downward) at the moment, it would not be an unsafe bet that we will be forced soon to make yet another call.
This week's Economist  reports an interesting turn of events in its latest story on The Caribbean debt crisis. In "God v bondholders" (p.88), the periodical reports a curious situation in Grenada; apparently, the Church (meaning all different denominations) has mobilised its not insubstantial resources and lent the weight of its collective voice to a movement to write off the debt of the small country.
The government defaulted on its dollar bonds in March (and reportedly in common with several other Caribbean countries that had done so already, including Antigua & Barbuda; Belize; Jamaica; and St Kitts & Nevis). As the report notes, 'the reason debt relief has risen so high up the heavenly agenda is that, like many islands in the Caribbean, Grenada's finances are in an unholy mess,...'
The report continues that 'Governments (in the region) tried to spend their way out of stagnation, causing deficits to rise' in the face of negligible or negative economic growth, resulting in a 'string of sovereign defaults since 2010'. Several countries (above) are sporting public debt in excess of '1.4 times GDP' and one (Barbados) 'recently shelved an attempt to raise $500m in international markets'.
The short article closes with 'There is much to pray for'. Any bets on how long it will take The Bahamas to join this pitiful club?