PNG LIKELY TO BE DECLARED BANKRUPT IN JUNE 2016
PNGBLOGS EXCLUSIVE PNG IS GONE AS A SOVEREIGN NATION IN JUNE IF NOTHING IS DONE TO REVERSE THE LOAN TAKEN BY O'NEILL GOVERNMENT TO BUY OSL SHARES. If the PNG Government does not find USD 1.5 Billion by 13th June, 2016, UBS will ask the government to Appoint a Receiver Manager for the Oil Search shares, the Receiver Manager will manager the Escrow account in Singapore. by June UBS will declare PNG bankrupt. This frightening revelation was revealed to PNGBLOGS by Government Insider working with the Department of Prime Minister and NEC who has sighted the original deed. The Principal Maturity date for the UBS loan was 13th March 2016.The Papua New Guinea Government has now K3.2 billion to pay UBS. We are in the grace period but that ends on the 13th June, 2016. Peter O'Neil signed with JP Morgan for refinancing turnaround time two weeks has lapsed. The World Bank, IMF, ADB and AusAid have already started painting bad picture about Peter O'Neil. He is an economi