Bahamas suffers too

The Bahamas has suffered a serious blow from the global financial crisis.

The country’s Prime Minister, Hubert Ingraham, told BBC Caribbean a number of projects have been affected including the development of a major Ritz-Carlton resort.

He said the Ritz project, ‘worth around several hundred million dollars’, has come to a standstill following the demise of Lehman Brothers.

Mr. Ingraham also said that the credit crunch has impacted on government revenues, tourism arrivals and triggered unemployment.