Seychelles Most Indebted Country In The World
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| The President who bankrupt the Seychelles. |
By including private borrowing from overseas by firms and consumers, as well as government debts, the Jubilee Debt Campaign says its data reveals the true scale of the burden on struggling countries around the world.
The Seychelles, which received an IMF bailout at the height of the world financial crisis in late 2008, tops the list with net debts worth more than a year and a half's GDP. It is followed by four victims of the eurozone crisis: Portugal, Ireland, Greece and Spain.
The UK is the 98th most indebted country, according to the study. But when gross private debts are taken into account – without offsetting foreign liabilities – the UK shoots up the list. Foreign debts owed by Britain's private sector, mainly by banks, amount to 364% of GDP, Jubilee says, making Britain the fourth most indebted country on those terms. Ireland tops this private sector league with debts worth 900% of GDP.
But Tim Jones, who compiled the data, said the scale of the criss-crossing IOUs between many of the world's major countries showed how vulnerable the international economy remained.
"These figures show the huge imbalances which continue to plague the global economy. Large debts in some countries are matched by huge lending from the likes of German, British and Swiss banks. This creates a global boom-bust cycle which has been repeated for the last 30 years, from Africa and Latin America, to east Asia and Europe, and now India once again," he said.
The Indian government has had to step in to try to halt a breakneck slide in the rupee in recent weeks, as foreign investors pull out their capital due to fears that the US Federal Reserve is about to halt its $85bn-a-month quantitative easing programme.
As well as totting up debts, Jubilee has also revealed the countries most responsible for pouring capital into other economies in the form of loans, often the proceeds of a large trade surplus. Singapore, Switzerland and Saudi Arabia emerge as the largest net creditors to the rest of the world. Singapore has net loans to the rest of the world worth almost three years' GDP.
Karel Williams, of the Centre for Research on Socio-Cultural Change at Manchester University, said these creditor countries should be held equally culpable for periodic global debt crises, along with the debtors who often take much of the blame. "It's like blaming prostitution on the poor girl who's prostituting herself: there's a punter involved here," he said.
In a separate analysis, Jubilee Debt Campaign also lists the countries where repaying government debts swallows up the largest proportion of revenues. Lebanon tops this list, with more than 55% of the money that comes into the treasury going straight back out to creditors. Jamaica, Greece and Ireland all spend more than 25% of revenues on servicing their national debt.
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| Ramkalawan contributed to bankrupt the Seychelles |
Jan Toporowski, professor of economics and finance at University of London's school of Oriental and African studies, said: "This is the untold story behind developments in international banking and finance, a story which shows that these are not just everyday transactions helpfully carried out by international banks as a benefit to the world in general. The data shows the legacy of debt that is the consequence of international transactions carried out without a proper system of debt management. They highlight the most urgent issue in international finance."
http://www.theguardian.com/business/2013/sep/02/seychelles-tops-list-indebted-nations
Presan ki e pe masin conseqence sa coup detat ki e ti participe ladan an 1977.
ReplyDeleteTime will tell.
Well done James. It took you 35 years to reach number one.
ReplyDeleteLet the champagne flow!
May i ask you how much of this debt is in your offshore account in the BVI?
..........and he still got 56% of the people's vote in the last election! What a joke?
Delete"There are many different ways to measure debt as a factor in a nation's economic health. In fact, there are so many that we can sometimes lose the meaning of any one measure."
ReplyDeleteWorld’s top 10 most highly indebted nations
Posted: Wednesday, April 10, 2013 4:45 pm
By: Tony Best
http://www.nycaribnews.com/news.php?viewStoryPrinter=3940
MICROBIOME
We may be the most indebted country in the world (per head). We have a long list of rich billionaires for our small country too. We can fix our debt ranking overnight by selling 100,000 Seychelles passports. This will half our debt per head overnight whilst increasing our billionaires bank balances ! Seychelles unique in a 1000 ways.
ReplyDeleteJean Paul
"Jean Paul"-
ReplyDeleteThe list of billionaires is a two sided sword that cuts two ways of course. Yes there are billionaires. But if they are the money laundering type or organized crime type, they deter legitimate billionaires and deter the effort to ween Seychelles off criminal money. This keeps her poor and indebted of course since the economy never achieves legitimacy. If your economy cannot achieve legitimacy, it cannot reduce debt dependency and excel.
The argument of selling 100,000 passports to "reclaim" the debt, is the argument Rene and Michel had in 1994 with the Economic Development Act. This act granted citizenship to anyone investing $2.5 Million into Seychelles. It failed and the wrath of the world came upon Seychelles. The law had to be revoked, but the practice of selling Seychelles passports continued, as admitted by Mr. Herminie in the Electoral Reform Process. Perhaps 10,000.
This practice, thanks to the SFP and others around the world, that have exposed the aggressive ongoing policy of the PL to launder money in the USD Billions, with shell companies registered in Seychelles,will stop. Why? The law of Supply and Demand.
I explain.
PL may have an unlimited "supply" of passports to sell. But "demand" for a Seychelles passport has dropped because the name : "Seychelles" is associated with criminal activity abroad. Hence, no one will want a Seychelles passport until PL cleans up its game. It is just not worth the hassle for a criminal or money launderer these days. If someone wants to be arrested abroad, carry a Seychelles passport and do not speak creole. This is due to PL's over selling of passports, which the World is now aware of. Did you know that PL sold so many passports to Russians that today, Seychelles is Black listed by banks for money transfers from Moscow?
While Seychelles may be unique in a 1000 ways, it cannot out run the basic principles of Supply and Demand. Put another way, If there is no demand for drugs, drugs do not sell.
Either curb demand or lace the drugs to curb Demand.
In the case of Seychelles Passports, SFP has laced it with exposure on money laundering.
Now PL has to come clean and get on the right track, and remember, think positive to move mountains.
Seselwa Unite!
Sesel Pou Seselwa!
Christopher Gill
Leader
Seychelles Freedom Party
It is sad that a small country with economic potential and a small population is listed as most indebted country in the world.It is suffice to say that the causes are due to mismamangement,crushing corruption,embezzlement,thefts and Pp illiteracy in economy.But it must be rocignized also that UNregulated FDI is otday one of the main cause of the crushing debts-Without regualtion the effects of Spillover that should exist to generate productivity ,no transfer of technoloy and maangerail know-how,no job creation for locals etc...,it genrated lost in foregn exchange and thus affect the balance of payment BOP.Central Bank cannot mobilize enough foreign reserve in order to fiancial fund in local currency to foreign currency.High debts automatically creates slow growth,thus higher unempüloyment,lower wages etc...
ReplyDeleteShould PP do not change its policies of the jungle there is not sign that suggest things will change for the better.
Jeanne D'Arc
Birthright cannot be sold,it is inherited,it is a right or priviledge entitle to at birth.The guy who made this proposition must be a collaborator of PP and who had benfit for PP's criminal activities or got use to PP crimes that he thinks that the sytematic sell out of one's birthright is normal.It is not normal it is a crime ,unconstituional.Pp crooks have become like biblical ESSAU who sold his birthright for a meal.But the different with ESSUA is that PP has sold our birthrights to Mafias,terrorists,North Korean spies and other Nationals highly invovlved in International organized crimes which damage our people image and reputation for something we not responsible and should never happened.The world must be informed that the people of Seychelles are not in agreement with our leaders and the sale of our birthright.
ReplyDeleteOur nation is currently in the most crical period it has ever faced.The economic indicator are dismal,the unemployment figures at a disturbingly high levle,and there is a high level of hopelessness among the popualtion,.While the entire nation is challenged the way forward,the governemnt should have a priority to develop strategies to answer to those concerns,alleviating the situations and palcing the nation on a path to growth.Unfortuantely,Pp thugs do not care of the sufering on thier poeple ,their main concern is what criminal strategies they could concot to continue their profitable criminal activites.
Seychellois need leaders at thew helm of the country not state organized crimes.Seychellois need leaders that pacifies the nation not one that divide,rob,sell out their land and poepl to foreigners.
Pp must be stopped ,for its criminal practices are putting our sovieregnty at risks.!And equally justice must be delivered and criminals punished harshly.
Jeanne D'Arc
10.45
ReplyDeleteMicrobiome
You right ,but it is clear though ,that HDI(human developemnt index)is best to measure economic growth for it takes account the three major things that best show how a country economy perform namely Education.life expectancy and standard of living.
Jeanne D'Arc
Ram f..king lazy butt if you want more go and suck the balls of Michel.
ReplyDeleteMarej,an imposter Seychellois had his illegal obtained Seychellois passsort revoked.While many Seychellois for once support Pp action.but equally asking why is the guy in at theimmigration office continues selling our birthrights when Seychellois has told PP to stop selling our birthrights.Why is this guy still chief immigrantion officer,and has never been investigated for illegal action.They also asking would PP proceed further to revoke all passports illegally sold to foreigners?
ReplyDeleteWe will follow that,to see if PP is going to really act to correct their past crimes.
As to RAm, is bigot,a slave,a supporter of state terrorism ,thus would be made accounted for his participation in state organized toerrism.Equally to Pierre, PP Assistance Chief Escobar answerable Chief escobar Govinden.
Jeanne DÂrc
Indeed Ram is a slave. His followers are blind to the chains.
ReplyDelete