(BBC) Britain has formally announced a bail-out package for the Turks and Caicos Islands worth US$417million.
The funds will help the territory to refinance its high level of debt and fund monthly deficits for two more years.
Governor Gordon Wetherell said the rescue package will not be used for significant new spending or to reverse current cuts.
There have been recent protests against British direct administration of the islands restored in 2009.
