Posted on 01/17/2016 1:32:11 PM PST by Lorianne
Iraq's Kurdistan region is in danger of being drowned by an economic "tsunami" as global oil prices plunge, its deputy prime minister said, warning it could undermine the war effort against Islamic State.
Four months in arrears and deeply in debt, the Kurdistan Regional Government (KRG), which depends on oil revenue to survive, has been hit hard by oil's slump below $30 per barrel this week from over $100 a barrel two years ago.
Even before oil's most recent losses, the autonomous region was unable to meet a bloated public payroll including the salaries of its own armed forces, the peshmerga, which are on the front line against Islamic State.
"The world is focused on the war against ISIS but nobody wins a war bankrupt," Qubad Talabani said in the interview on Thursday, using an acronym for Islamic State. "I think this is something the coalition against ISIS really do need to factor into the equation."
The peshmerga have emerged as a key component of the U.S.-led coalition's strategy to "degrade and destroy" the radical Sunni militants, driving them back in northern Iraq with the help of air strikes.
(Excerpt) Read more at reuters.com ...
I have a feeling the global economic tsunami is going to undermine things all over the world. Hopefully socialism and open borders will be two of those things.
Hey Kurdistan and all you other Stan countries along with all you other opec mookabookers.
Here’s hoping you all starve to death or are murdered by your own people for letting things get so far out of hand.
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