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Saudi's $36bn bid to beat unrest

King Abdullah of Saudi Arabia announced financial support measures, worth an estimated SR135bn ($36bn), in a bid to avert the kind of popular unrest that has toppled leaders across the region and is now closing in on Libya's Muammer Gaddafi.

The measures include a 15 per cent salary rise for public employees to offset inflation, reprieves for imprisoned debtors, and financial aid for students and the unemployed.

Saudi Arabia's ruling family has thus far been spared the type of popular discontent that has toppled presidents in Tunisia and Egypt and brought Libya to the brink of civil war.



Wind power
by Jerome a Paris (etg@eurotrib.com) on Wed Feb 23rd, 2011 at 04:08:17 PM EST
[ Parent ]
Jerome a Paris:
reprieves for imprisoned debtors,

They have debtor's prisons? How... bizarre.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt št gmail dotcom) on Wed Feb 23rd, 2011 at 04:26:15 PM EST
[ Parent ]
Just like in the U.S.?
It's not a crime to owe money, and debtors' prisons were abolished in the United States in the 19th century. But people are routinely being thrown in jail for failing to pay debts. In Minnesota, which has some of the most creditor-friendly laws in the country, the use of arrest warrants against debtors has jumped 60 percent over the past four years, with 845 cases in 2009, a Star Tribune analysis of state court data has found.
by gk (gk (gk quattro due due sette @gmail.com)) on Wed Feb 23rd, 2011 at 04:37:08 PM EST
[ Parent ]
Ah well. Forward into the past!

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Feb 23rd, 2011 at 04:42:19 PM EST
[ Parent ]

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