More than three months have passed since Belize first missed its Superbond payment - and more than 60 days have gone since a good faith half payment was made.

In that time, there's been plenty of negotiating, but not much headway.

And today's announcement posted on the Government of Belize website is confirmation of that. It discusses a counter-proposal made by the creditor committee - which was presented last week - three and a half months after Government first put forward its proposals.

But in the response which was posted on the government website today quote: "The GoB considers (that proposal) to be wholly incompatible with its objective of placing the country's debt burden on a sustainable footing and that it amounts to little more than a short-term fix."

It concludes that, quote, "the GOB views the recently-submitted scenarios as unsustainable, and is disappointed that a counter-proposal of this nature has come five months after discussions with the Committee began." End of quote.

But - it doesn't end there; Government does offer a new, revised pair of restructuring scenarios. The first suggests a principal reduction of 33% - which is down from the 45% that was proposed in August. And it also increases the proposed interest rate from 3.5% to 4.5 for the first five years and 6.75% for the next thirty years. The second revised scenario does not include a principal reduction, but suggests extending the life of the bond to 40 years - down from 50 in the first proposal. It also offers a higher interest rate than the 2% which had first been proposed.