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Enorrste says that Iraq is not on the verge of bankruptcy.
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Enorrste says that Iraq is not on the verge of bankruptcy.
Enorrste
Article quote: "Iraq stands now on the brink of a deadly pit is the possibility of a storm economic disaster..." Iraq is not on the verge of bankruptcy.
They have issues, but they also have options available to them. The reserves are among the highest in the world in relation to the money supply. The GOI is in control of salaries, and can adjust them downward as necessary. Oil production continues to grow. There are a lot of companies that are seriously looking into investing in Iraq in the short term (I did a google search and found plenty of them). Admittedly, there is no "quick fix." The situation is difficult, but hardly out of control.
Iraq is not going to "collapse"...It will weather the storm. Remember, growth last year was at about 9%. Just give these people some time and they will get the situation under control. No panic is called for.
I will add one more point: the current deficit in Iraq is about 34% of GDP. Our deficit in the US is 101% of GDP. This alone proves that Iraq is not on the verge of bankruptcy. Actually its deficit is about average for developing countries in relation to its GDP. And, the GDP is growing at a rate of 9% per year, meaning that the deficit, as a percentage of GDP, will fall.
The US has run for two generations with deficits, and most recently with huge deficits. Most countries run with deficits. What makes Iraq any different? Just because their revenue covered their expenses for the last 8 years doesn't mean that "the sky is falling" because they fall short one, or even two or three years. If Europe and America can run on deficits without a catastrophe, so can Iraq. It is not the end of the world. This is a minor setback only.
The bigger issue is the security problem. If and when that gets solved, then the exchange rate regime can be changed and all of this deficit talk will disappear overnight. Let's keep focused on the real problem, namely security.
Ponee- Admin
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Re: Enorrste says that Iraq is not on the verge of bankruptcy.
Agreed that the security problem is an issue, however the supposition that increasing the value of the dinar will make the deficit go away is just plain foolishness.
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Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
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Re: Enorrste says that Iraq is not on the verge of bankruptcy.
Yes and the fall of another major city to Isis is proving Iraqis military needs to grow some hair on privates if they ever intend to prove to anybody they will fight to the end defending what is theirs, and not turn tail and run.
RoyBoy- VIP Member
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Re: Enorrste says that Iraq is not on the verge of bankruptcy.
Well we can blame our administration. The were not and are not ready to take full responsibility for their security. They knew that, our intel and military people warned it was premature for us to pull out, but our administration ignored the advise of the people who would know due to political considerations. ISIL was not unexpected, our intel people warned of them and were ignored. ISIL grew and became strong and moved into the vacuum we left behind.
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
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