Huge Saudi Debt Expected To Increase Further

Middle East Newsline.com ^ | 01/07/02 | Staff Writer

[veronica]

Saudi Arabia's huge debt is expected to increase over the next year.

Gulf analysts said stagnating oil prices will make the kingdom one of the biggest debtor nations in the world. Riyad is expected to owe more than $200 billion by the end of 2002.

Already, the analysts said, Saudi Arabia owes $203 billion. The kingdom is expected to borrow another $12 billion during 2002.

A study by Saudi economist Ihsan Bu Hlaika said the kingdom turned into a debtor from the oil prices that first stabilized and then dropped during the 1980s. Hlaika said the kingdom has repaid only a small part of its domestic debt.

The study said Riyad is expected to record a $6.6 billion budget deficit for 2001. Saudi officials have maintained that the kingdom will not record a deficit for last year.

[College Repub]

Most of the Haredi are NONzionist. Seeing how they are the only segement of Israel's Jewish population that is growing at a rate worth noting, coupled with the fact that they have their own education systems, I find it troubling that their kids aren't getting a dose of zionism in their education.

[Thebaddog]

Who writes this poop? You have to apply a little Chicago common sense to this picture. First you ask where the revenue (money) is going and to whom. Then you look for the hidden story about who needs more revenue (money). What you got here is a government crying for more money while the mob (Saud) is skimming the revenue.

Forget that other post with a lot of verbs and nouns explaining the reasons for the problem. What you got here is an old fashioned Chicago opportunity. The mob keeps getting its money while the govmint gets to raise the taxes (oil prices). Everybody wins except us.

The real answer is fuel cells and escaping the oil trap. To really pull this off, you have to go against type and a Republican administration might get us off the oil economy while a democrat got the welfare state to change.

[Nix 2]

They have spent so much money setting up terrorist cells around the world, building mosques, and teaching people how to hate anything western, that they have drained their cache. Good. That doesn't include half the Saudi population of the House of Saud who spend money to make the moon rise and set on their personal selves, or their gambling losses in Vegas. Let'em eat sand.

[dennisw]

Most of the Haredi are NONzionist.

They live in Israel and this makes them Zionist. In my eyes and the eyes of the Muslims. This is known as facts on the ground!

[Amerigomag]

Thanks

[College Repub]

I think you might have misinterpreted what I said. Or you are replying to someone besides me. In any case, I have no idea what you are talking about after the 3rd sentence or so...

[College Repub]

You should do some research on Shas.

[dennisw]

All you need to know is 23 million people are living in Saudi Arabia which is a desert fer crying out loud. How does this compute with any kind of real existence?

This would not happen if these Muslamics didn't have oil to pay for their ridiculous projects.

[dennisw]

Shas shmas. If you live in ISRAEL you are a Zionist. Go ask an Arab!

[CIB-173RDABN]

This reminds me of the stories you hear about every so often of people winning a mega lottery payout like 20-30 million dollars, and then a few year later they are bankrupt.

You can only shake your head and wonder just what are they thinking...

[College Repub]

Maybe we should give Dean Kamen a few billion dollars, tell him to have his people come up with alternative energy source, and check back in a few years. Might be a good investment

[Nix 2]

Maybe someone from Norway could teach them how to fish?

[College Repub]

I don't care what an arab believes, I care about what is acutualy the case. As you know full well, those 2 groups are often mutualy exclusive!

[webster]

They get comfortable with living such a lavish lifestyle and are continuously tempted. The bankers make it sooooooooooo easy to obtain loans for ever larger amounts. And then the reality of compound interest takes hold.

[dennisw]

With all due respect kiddo Hitler considered Jewish many folks who didn't have a Jewish mother but just father and who were 1/8 to 1/4 Jewish. These part Jews were done in with the rest as well as nazis were able to.

Arab Muslims have similar take on Jews. Just lack the gonads and advanced weaponry.

[Nix 2]

I wonder if freezing terrorists' assets around the world mught have dented Saudi more than we know.

[College Repub]

The problem I have with Shas is this. They leech off Israel and take advantage of it's parliamentary democracy to dick over Labor and Likud for tons of money. Then they don't send their kids to serve in IDF and don't teach their kids zionism. It's great that they are studying Torah and Talmud and having kids at a nice birthrate. I don't disagree with them on religious grounds (although I myself am not very religious), I just beleive that, to the State of Israel, they aren't much use politicaly.

[CarryaBigStick]

When Vlad & GW decided to dump Russian oil on the world market they in effect declared war on OPEC & Saudi Arabia - ye gotta love it! UP YOURS SAUDI!

[College Repub]

Doesn't Russia usualy follow the cuts when Opec makes them?

[RightOnline]

"The economy story in the country has witnessed flagrant corruption and intemperance among members of the ruling family, phenomenal wastefulness, not to mention huge and unjustified arms purchases inflated by commissions and kickbacks."

I had a C-note I was willing to lay on the table upon reading this post that said "Look at the ultra-rich Saudi royal family...........you'll find the source of the malfeasance."

Screw 'em. Call in the loans. Let's let 'em see what it's like to have another country have you by the balls.