Monday 28 January 2013

Kuwait Faces Financial Crisis Over Loan Repayment - Al-Monitor: the Pulse of the Middle East

Over the years, a minor issue has turned into an absurd crisis. Some observers have said that the reason behind this crisis is the excessive desire for luxury, whereas others believe that it lies in the absence of any government control over banks, which compete in offering attractive services. The crisis of personal loans in Kuwait emerged as a daily issue, and has  turned into the most severe crisis in the Gulf, overthrowing a national assembly and raising storms in every new one. Some have wanted to take a popular position by calling for a complete cancelation of citizens’ debts — by allowing the government to purchase the loans — or to cancel the interest. Others have rejected this solution, however, considering it lacking in justice and equality.
Kuwait Faces Financial Crisis Over Loan Repayment - Al-Monitor: the Pulse of the Middle East

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