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JAMMY

The Top Five Places Not To Be When The Dollar Collapses on 27 September 2016

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JAMMY    166

 

What is your opinion about this subject? Even if this were to happen on another date, what is your opinion of the way it is predicted to happen?

 

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Between the third quarter of 2015 and the first three months of this year, 237 small business owners left the UAE as increasingly late invoices forced firms to miss their debt repayments, according to Coface, a credit insurance firm that monitors the trade credit of 20,000 UAE companies....

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One consequence is abandoned cars at the airport. Bouncing cheques and bankruptcy are treated as criminal offences in Dubai, causing many indebted expatriates to dump their vehicles and other possessions and jump on a flight out of the emirate rather than risk jail.

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Azerbaijan: its sputtering economy, oppressive political system and simmering conflict with Armenia...

 Between 2003 and 2015 oil and gas revenues were $119 billion; the cash was spent on infrastructure, weapons and ostentatious follies. Some of the money the country earned from oil and gold mines has been funnelled into powerful people’s offshore accounts. 
When the oil price crashed, the music stopped. Baku’s taxi-drivers now grumble about rising prices and the money being wasted on the Grand Prix. 
Azerbaijan had to devalue its currency twice last year, after its central bank burned through some $10 billion of foreign-currency reserves trying to defend the manat. Banks are weighed down by some $2 billion of unpaid loans, say some analysts. The State Oil Fund of Azerbaijan (SOFAZ), which takes in all of the country’s oil and gas revenues, is still sitting on $35 billion—roughly equal to a year’s GDP—but spending has been cut back and the budget now conservatively assumes a price of $25 a barrel.

Azerbaijan ... Inflation is in double digits. Rising bread prices caused riots in several regions, quickly pacified with cash and police truncheons.

 Struggling to cope with cheap oil and the need to finance energy projects, Mr Aliyev is now seeking to repair relations with the West.

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