Article source: ConstructConnect
- Do you remember the Greek financial crisis and how, for years, there was the danger that Greece’s enormous debt would destroy that country and, domino-like, cause the fall of several other nations, as well as some banks? Within the next couple of years, there will be a slew of countries mirroring Greece’s earlier plight.
- In poorer countries without the clout of the Federal Reserve, the European central bank or only a few other major central banks, running up debt and printing money to ease the pain of ‘social distancing’ will carry a cost that will be nigh on impossible to bear. Included in such a list will be several of OPEC’s less prominent members (with Saudi Arabia being most prominent), such as Algeria, Libya, Congo and Ecuador (Venezuela’s already down for the count). They’re being pummeled by a double whammy, the second of which is an extraordinarily low price for the main product they sell and export, oil.
