2007-12-05
Debt relief
The Amir of Kuwait is trying to get a 1.09 billion dollar found from the government to relief the Debt of Kuwaiti citizens.
They owe a total of 16.84 billion Dollars.
Todays news at Arab Times….
Two days ago, citizens have demonstrated, because the government didn’t want to cancel their debts.
It seems to have helped.
As far as I know, Kuwaiti citizens who can’t pay their debts get them canceled by the government.
Something that I have never heard of in any other country.
Correct me, if I’m wrong at anything, which might as well be, ‘cause I have ignored this up to now.
And please enlighten me how something like this works and is good for the economy and for the relationship people have to money.
The whole article on Arab Times.
Trackback address for this post
Trackback URL (right click and copy shortcut/link location)
6 comments
The Amirs name is used in the paper as well.
Arrest them first
Looking at the Economic Side of things.
if approved..
1. It will raise inflation, to an extreme point, where it will affect low-earners and expats.
2. Realestate and land prices will increase double.
3. "Loan taking" will become easier to get for the locals. They might consider loans as another source of "INCOME".
4. The process is not fair. imagine a person has taken a loan for last 5 years and he is on the verge of paying it off , maybe a last installment left. and the government clears it versus the person, who has taken a new loan and have 5 more years to pay it and the government clears it.
how does justice happen?
uhm....I'm not going into that
But as far as I have heard, this system exists since a long time.
I'll try to find out more about it
People get to take out more loans (since they are now debt-free), and buy nice things for themselves and their family, which in turn makes them feel good.
How can it be bad? :wink:
Comment feed for this postLeave a comment
---------- 
----------
Me and my place
--------------------------------
My Shops
--------------------------------
Free E-Cards
--------------------------------
Photography - Tips, assignments & more
--------------------------------
2009 calendars:
