Lebanon is bankrupt! Sri Lanka is bankrupt! Next?

[covertbriar]

Lebanon as a state and its central bank have gone bankrupt, according to Deputy Prime Minister Saadeh al-Shami.

"The state has gone bankrupt as did the Banque du Liban, and the loss has occurred, and we will seek to reduce losses for the people," al-Shami told the local Al-Jadeed channel.

He said the losses will be distributed among the state, the Banque du Liban, banks and depositors.

"There is no conflict of views about the distribution of losses," he added.

Lebanon’s economic meltdown, which began in October 2019, was the culmination of the country’s post-war era. The war’s militia leaders became the political leadership and have kept a lock on power ever since. They ran an economy that at times boomed but was effectively a Ponzi scheme riddled with corruption and mismanagement.

The scheme finally collapsed in what the World Bank calls one of the world’s worst economic and financial crises since the mid-1800s.

More at https://www.dailysabah.com/business/economy/lebanon-is-bankrupt-deputy-prime-minister

 

[Pinkieslut]

Singapore is never bankrupt, bestest!

 

[tanwahtiu]

Singapore is never bankrupt, bestest!

Nothing wrong with collecting more money... COE...

 

[syed putra]

I would think KL could be next.
The leaders have kampung mentality. Super slow to react to changing circumstances.
They use gomen money to kill off tax paying businesses by creating GLC's which have monopolies, special incentives but losses money.
So gomen tax collection not sufficient to support gomen spending.
Plus their fuel subsidies over the years is in my estimate, 15-20% of all national debts garnered. And they still continue with it despite decades of saying they will get rid of it, since time of badawi. Their neighbours have sll stopped fuel subsidies in mid 2000's.
And to make it worse, they make it tougher for expats to live long term in the country, except in the state of sarawak, where their MM2H continue as before. Thailand on the other hand has halved the cost of those wishing to stay long term.
Despite rising oil prices, RM dropped in value.
So if oil snd gas prices dropped...
I would imagine speculators targeting RM.

 

[laksaboy]

http://www.xinhuanet.com/english/2017-04/22/c_136227260.htm

April 2017

Lebanon, China to boost Belt and Road Initiative​

Looks like all the Belt and Road countries can't make it. Abang Tiongcock has no more ang pow money for them.

 

[syed putra]

Lebanon as a state and its central bank have gone bankrupt, according to Deputy Prime Minister Saadeh al-Shami.

"The state has gone bankrupt as did the Banque du Liban, and the loss has occurred, and we will seek to reduce losses for the people," al-Shami told the local Al-Jadeed channel.

He said the losses will be distributed among the state, the Banque du Liban, banks and depositors.

"There is no conflict of views about the distribution of losses," he added.

Lebanon’s economic meltdown, which began in October 2019, was the culmination of the country’s post-war era. The war’s militia leaders became the political leadership and have kept a lock on power ever since. They ran an economy that at times boomed but was effectively a Ponzi scheme riddled with corruption and mismanagement.

The scheme finally collapsed in what the World Bank calls one of the world’s worst economic and financial crises since the mid-1800s.

More at https://www.dailysabah.com/business/economy/lebanon-is-bankrupt-deputy-prime-minister

Of course lebanon is a basket case as president has no power. The power sharing arrangment to avert civil war meant country is impossible to govern.
Best they break up into smaller pieces. Or outlaw race and religious based parties.