Bankruptcy Looms over Libya

A joint statemen issued by Britain, France, Germany, Italy, Spain and the United States has warned that Libya could face bankruptcy if its oil output, and international price of oil, continue to fall:

We remain deeply concerned about the economic impact of the political and security crisis on Libya’s future prosperity.

"In light of low oil production and prices, Libya faces a budget deficit that has the potential to consume all of its financial assets if the situation does not stabilise.”

(Source: Khaleej Times, US State Dept)

(Oil price image via Shutterstock)

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