Saudi Arabia Declares Spending Moratorium As Oil Rout Bankrupts Kingdom
by Tyler Durden
ZeroHedge.com
10/08/2015
Last month, when King Salman arrived in Washington to a fleet of Mercedes S-Classes, we asked if, considering the current circumstances, cutting back on spending might be in order. Indeed, in the wake of Saudi Arabia’s move to tap debt markets, rumors have been circulating for months that the kingdom has enlisted the help of “advisers” to help rein in the ballooning deficit. Now, Riyadh has effectively declared a spending moratorium in the face of self-inflicted crude carnage.
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