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mike says We're entering the sixth month of 2016 and Iraq's finances are unraveling
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Re: mike says We're entering the sixth month of 2016 and Iraq's finances are unraveling
mike
...Somebody asked me once, "how do you eat an elephant?" I had a couple smart aleck answers but his reply was, "one bite at a time."
For me, that's where the IMF is at with the Iraqi's, one step at a time.
We're entering the sixth month of 2016 and Iraq's finances are unraveling on a daily basis.
Now that oil has dropped and stayed at such a low level, they're stuck.
If the IMF can clamp down on corruption, implement income taxes and get Iraq on the straight and narrow, it's worth $5 billion to them.
Heck, half of that money Iraq has already contributed to the IMF fund, sure there's risk but with oversight, it diminishes.
These guys are still driving the car with no oil in it, at some point it has to dawn on them that change is needed, not for profit, but for survival.
Oil is a commodity and they acted like they could ignore basic market principles and the open market economy and it's backfired in a big way. Those days are over, they need long term solutions. IMO.
~~~~~~~~~
Article: "Fitch: Iraq's agreement with the IMF will enable it to issue an international bond"
...The only silver lining I can see is the IMF's direct involvement in the Finance and Integrity departments, if Iraq can't get their act together, the IMF will try and do it for them.
But to effectively do that, they need the judicial branch to step up and prosecute those who are accused. Hopefully Mahmood is on his way out, it's hard to imagine any real prosecution and conviction for these guys until he's gone.
Time will tell, right? Your move, Abadi.
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Re: mike says We're entering the sixth month of 2016 and Iraq's finances are unraveling
They can issue all the international bonds they want. The issued one last year, but there were no takers. My suspicion is until and unless there is significant real world improvement of the financial, political and security situations, OR a significant increase in the rates offered, the takers this time around will again be few and far between at best.
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