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Warning of financial collapses in Saudi Arabia
5/14/2016 0:00
[rtl] Expectations can address bankruptcy structurally
New York - CNN ,
warned chief executive of hedge fund «Point State Capitol», Zach Schreiber, of impending financial disaster in Saudi Alsaudih.oankhvd oil price eventually to $ 26 a barrel in February, creating a crisis in Saudi Arabia and other countries that rely on oil as a source of income on the basis of their budgets, and reduced the UK already spending and scrambled to collect cash, as the state dismissed Minister of oil and mineral Resources , the former Saudi, Ali al - Naimi, who served his job more than 20 years.Schreiber is believed that the situation was about to get worse when he said at theinvestment conference «Sun» the annual 21st, last week: «against Saudi Arabia two or three times before they hit the wall,» predicted that the UK will face «bankruptcy structurally» because they are facing the dual threats of spending commitments huge and cheap oil, and commented «No wonder they Estdinwa huge amounts.»
After years of compiling huge amounts of oil money, these days are making Saudi Arabia every effort to collect the money, and said: the kingdom plans to get a loan of $ 10 billion from a group of banks , which could pave the way for the first international sale of the bond process.
the problem faced by Saudi Arabia is that they need to rise in oil prices to more than $ 100 a barrel to reach the breakeven point in its budget, and after which the composition of surpluses, and states that the kingdom largely spent on additional services to thepopulation mass of about 30 million. Now , the state was forced to shut down some ofthose grants, as evidenced by the recent fuel price hike by 50 percent. Said Schreiber: The «Arabia program lavish social spending is heading towards a collision course» with cheap oil, adding: «Saudi Arabia is the last bastion of stability, but to hold this position at a time when salary costs broadly expanding.»
And the Saudis cut spending on defense by 3.6 percent this year amid falling oil prices.
believes that the balance sheet «exaggerated and misunderstood,» refers to nearly $ 340 billion of commitments that reduce the size of the reserves at the central bank up to $ 600 billion.
these concerns may help explain why the Saudis planning to sell a stake of five percent of the economic crown jewel in the country, the oil giant state - owned «Aramco.» Schreiber commented: «If they sold the golden goose, how will fund anything? Saudi Arabia mortgaging its future to gain time.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=116143
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