Word: petrowealth
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Khadafy's position today is a far cry from the handful of aces he held in 1973. Libya's foreign exchange reserves are dangerously low, and part of Khadafy's claim to power has always been a lavish spending of the nation's petrowealth. Libya's dependence on foreign capital and technical expertise is also critical. Undermining Khadafy's economic position now by shutting him out of Western markets and investments may be just as good as killing him outright; increasing unrest in Libya caused by escalating hardship might produce the same result. If he fears such an outcome...
...such petrowealth power play would, of course, be dangerous for world political as well as financial stability, and so far the Saudis show no sign of undertaking it. That is to be expected. As the holder of more dollars than it knows what to do with, the Saudi Arabian Monetary Agency stands to gain much by caution and prudence, and to risk everything by impulsive actions that upset the world's finances. With enormous wealth comes large responsibility, and SAMA seems up to the challenge. -By Charles Alexander. Reported by Gisela Bolte/Washington and Adam Zagorin/Beirut
| 1 |