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Interim President Adolfo RODRIGUEZ SAA declared a default - on the time the largest ever - on the federal government's foreign debt in December of that 12 months, and abruptly resigned only some days after taking workplace. After taking workplace in 2004, the SPENCER authorities adopted an ambitious fiscal reform program and was successful in lowering its public debt-to-GDP ratio from roughly 130% in 2010 to 89% in 2012. In 2009, Antigua's economy was severely hit by the global economic disaster and suffered from the collapse of its largest personal sector employer, a steep decline in tourism, a rise in debt, and a sharp economic contraction between 2009-11. Antigua has not but returned to its pre-disaster progress ranges. Belarus exported refined oil merchandise at market prices produced from Russian crude oil bought at a steep low cost. Other financial exercise contains the exploitation of natural resources, e.g., fishing, dredging of aragonite sands (The Bahamas), and production of crude oil and natural gasoline (Caribbean Sea, Gulf of Mexico, and North Sea).
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