ST GEORGE'S, Grenada (CMC):

Eastern Caribbean governments are to consider a "coordinated regional response" in light to the financial debacle facing the Trinidad-based regional conglomerate, CL Financial.

The matter will be the focus of a specially-convened video conference meeting of the Monetary Council of the Organisation of Eastern Caribbean States (OECS) following last weekend's bail out announcement by the Trinidad and Tobago government. In a move to avert a possible collapse of CLICO and its investment bank (CIB), the Patrick Manning administration announced that it would provide funding to their parent company CL Financial, in exchange for collateral and an equity interest in CLICO.

In a statement on Monday, the Tillman Thomas administration, which currently holds the chairmanship of the OECS grouping, said the situation not only affects operations of CL Financial's affiliates, but the sub-region on a whole.