February 28, 2014

West Indies cricket

Shadow of Allen Stanford grips Antigua

The ECB may have tried to quickly forget the 'Twenty20 for 20' but Allen Stanford's downfall cost thousands of jobs and left a giant hole in Antigua's economy, writes Stephen Brenkley in the Independent.

Stanford's effect on English cricket was a fleeting, if huge embarrassment. Why the England cricket team was effectively sold to play in an exhibition match that had no proper sporting context was not properly resolved. They lost abjectly by the way after being bowled out for 99 to climax a surreal week in the sun.Stanford's effect on Antigua was dramatic. His arrest and subsequent conviction brought the country to its knees. Its repercussions are still being felt. They may never completely be erased.

"There has been a tremendous impact as a result of the demise of Allen Stanford," said Harold Lovell, the Antiguan Minister of Finance. "The estimated impact on the economy is approximately 434 million Eastern Caribbean dollars. That is quite a significant lump. The total GDP is just under three billion EC dollars so it was taking out more than 10 per cent of GDP. Overnight we lost more than 10 per cent of our GDP."


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