Monday, February 1, 2016

Oil price crash: Saudis Told To Embrace Austerity As Debt Defaults Loom

Oil price crash: Saudis Told To Embrace Austerity As Debt Defaults Loom

February 01, 2016 Oil price crash: Saudis Told To Embrace Austerity As Debt Defaults Loom , 1 Comments


By Mehreen Khan, Jan 30, 2016 Telegraph

Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned.

The world's largest producer of crude oil will need to "transform" its economy away from oil revenues, which make up more than 80pc of the government's wealth, according to Masood Ahmed, head of the Middle East department at the IMF.  
Read More: http://www.telegraph.co.uk

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1 comment:

  1. StanFebruary 1, 2016 at 10:39 AM

    Austerity as in the form of forgoing the gold plating on their kid's new Lamborghini?

    ReplyDelete

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