St. George's: Finance Minister Nazim Burke has suggested that Grenadians who have investments in the troubled Trinidad-based C.L. Financial group should remain calm. The company's problems have forced a takeover by the Trinidad and Tobago Central Bank. Mr. Burke said the C.L. Financial woes are part of the global economic crisis affecting the Caribbean, and he feels there is no need at this time for the company's investors to panic. "It is our understanding that the Government of Trinidad and the country's Central Bank have the reserves and have made the necessary allocations,'' the Minister told the Government Information Services (GIS). "We also understand that Barbados has made the allocations to back the operations of CLICO.'' The Finance Minister also noted that assurance has been by Barbadian Prime Minister, David Thompson that CLICO Barbados is still on a robust foundation. Minister Burke said the Grenada government is not anticipating intervening with any bailouts to help people who had deposits with C.L. Financial Group, whose business interests included the local branch of Republic Bank. He said Prime Minister Tillman Thomas' administration, which inherited a country with the lowest credit rating in the entire Caribbean, does not have the necessary resources for a bailout. "Our country has out-leveraged itself,'' Mr. Burke emphasized. We got into government when Grenada had the lowest credit rating in the entire Caribbean, so we do not have resources that we can now contribute to what we consider an economic stabilization purpose". The Finance Minister reiterated that the C.L. Financial problem affects all CARICOM countries, and that Grenada is supporting a regional response being developed by the Organization of Eastern Caribbean State. From GIS INSIDE GRENADA NEWS