Saudi Arabia Forced To BORROW $10b As Tumbling Oil Prices Continue To Hit The Kingdom's Finances

[Purveyor]

Saudi Arabia is being forced to borrow $10 billion as the world's top oil exporter seeks to fill a record budget deficit caused by low crude prices.

The kingdom had initally been seeking to raise between $6billion and $8billion through a loan lasting for five years for its first foreign borrowing in more than a decade.

But the Ministry of Finance raised the amount after drawing significant demand.

Sources said the loan should be signed before the end of April, with one saying the lenders included a mix of U.S., European and Japanese banks.

Another said the lead arrangers included JP Morgan, HSBC and Bank of Tokyo-Mitsubishi.

Each was contributing around $1.3billion, with the remainder of the loan coming from other lenders, the source said.

Read more: http://www.dailymail.co.uk/news/article-3549262/Saudi-Arabia-close-securing-10-billion-bank-loan-sources.html#ixzz46OK8G8qd

[louis-t]

1. Aw, where's my violin?

Oh, here it is.

[underpants]

3. All those decades of keeping the "weird cousin" Wahhabists quite with money is really backfiring

That and the rise of renewables.

The funny part is JP Morgan is being invited to the party. Good luck with THAT Royals.

[GreenPartyVoter]

2. No wonder they are threatening to sell off US assets. It may happen despite the 9/11 bill.

[underpants]

4. That was my second thought.

See post above.

They aren't protesting the 28 pages - THEY NEED CASH!

[GreenPartyVoter]

5. Wonder who would buy them?

[louis-t]

6. Starting to think the Rothchilds.....