The release says the Committee, quote, "expressed its regret that the GOB dismissively rejected the Committee's three…proposals…" The release quotes committee co-chair AJ Mediratta as saying that with its latest counter-proposals, the government has only inched forward.

The Committee urges Government to reconsider the proposals and warns that - for the kind of relief GOB wants, it would have to accept an IMF program.

And so, with this rejection, talk turns to a default - since the agreed 60 day break from litigation has passed. Mediratta says quote, "Unfortunately it seems we may be missing the window for a timely resolution." The Committee has engaged the firm of Arnold & Porter to act as its legal counsel.

The committee membership holds 338 million of the 544 million dollar Superbond. A government spokesperson today told us that GoB did not "inch" forward, as the release claims; in fact, various investment bank and analyst reports issued since last week said the proposals were a significant improvement on the August indicative scenarios. The representative says the creditor committee wants to have its cake and eat it too as it calls for fiscal consolidation and for higher growth at the same time.

And as to the running out of time, Government says the Creditor Committee cannot lament the lack of a timely resolution when their FIRST proposal was received almost three and a half months AFTER Government's first.

And, the bottom line? Government will not reconsider its rejection of the Creditor Committee's proposal.