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Government Leaning Towards Dollarization --- Banks Disagree.

Philipsburg:--- The Council of Ministers held a meeting with the bank managers on Thursday to further discuss which currency would be better for Country St Maarten. Well placed sources told SMN News that government is leaning towards dollarization while the banks operating on St. Maarten disagree with government's choice especially since government has a huge deficit in their budget.
One bank manager spoke to SMN News on the condition of anonymity said government does not seem to understand that the US dollar is not their currency and it has to be bought from the United States. Furthermore, the well known banker said that government is not considering the effects of a hurricane and the impact that would have on the economy. "What if we are hit by a hurricane and there is no tourist and boats coming here for one year, what will government do to pay its salaries?" the banker asked.
While the discussion is far from over, the source said it seems as though government is set with its decision.
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