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Week In Review

Saudi Arabia heading for bankruptcy?

According to al-monitor.com, “to prevent private companies from laying off their staff, Saudi Arabia’s King Salman Bin Abdulaziz Al Saud announced that the government will cover a portion of private sector salaries in the industries most impacted by the novel coronavirus.”

With oil prices hitting the floor, the coronavirus crisis continuing and the Saudi regime lacking a real economy outside of the oil sector, Riyadh is between a rock and a hard place.

If the combination of the coronavirus and low oil prices continues, the Saudi royals will be unable to spend their way out of the current crisis. The Saudi regime assumes that throwing money at complex issues will make them disappear, they may soon be in for a huge surprise.

(Courtesy: www.al-monitor.com)

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