Philippines April 22, 2016
From CNBC
The Kingdom of Saudi Arabia is set to issue bonds (to borrow) in the international market its first in 25 years in the amount of $10 billion. The offer was oversubscribed especially from Asian banks, despite the downgrading of KSA due to ballooning budget deficit and declining oil revenues.
KSA has burned through since 2014 a $150 billion cash reserves since 2014. Oil prices has shrunk from a high of $100 to just over $30 lately. Most Arab countries break even at $80.00 per barrel of oil.
Thus do we believe that all good things must come to an end? Once a high and mighty nation, forced to borrow money, hat in hand. Tsk6 Dont be surprised if they fire millions of workers soon.
If there was no more oil, or less revenue from oil, KSA is just but a band of bedouins and goat and camel herders. How pitiful. In our country, we can grow our own food and dig our own water. In KSA they could not even depend on their common wealth - oil.
