Gulf states: Lenders of last resort
Will oil and gas producing countries help bail out those hit by the credit crisis?
 |
| Gordon Brown, the British prime minister, with Saud al-Faisal, the Saudi foreign minister [AFP] |
It appears that oil and gas producing countries are taking over the mantle of “lenders of last resort” from the International Monetary Fund (IMF).
During his current Gulf visit Gordon Brown, the British prime minister, has not hesitated to admit that the IMF requires additional funding to the tune of “billions of dollars” to staunch the wounds of the global financial crisis.
Keep reading
list of 4 itemsBoeing hit with 32 whistleblower claims, as dead worker’s case reviewed
US imposes new sanctions on Iran after attack on Israel
A flash flood and a quiet sale highlight India’s Sikkim’s hydro problems
Brown said he believed that oil-rich Gulf states would be willing to help bail out countries stricken by the global credit crisis.
We ask: Can Gulf countries afford to give away cash while oil prices are dwindling, what is in it for them and could they really say no anyway?
This episode of Inside Story airs on Monday, November 03, 2008
Published On 3 Nov 2008