Saudi Arabia Dumb & Dumber: Saudis Paying With IOU's! That's As Good As Money, Sir, Those Are IOU's!

Saudi Arabia Considers Paying Contractors With IOUs

Saudi Arabia has told banks in the country that it is considering giving contractors IOUs to settle some outstanding bills, according to people with knowledge of the discussions. A projected budget deficit this year is prompting the government to weigh alternatives to limit spending. Contractors would receive bond-like instruments to cover the amount they are owed by the state which they could hold until maturity or sell on to banks, the people said, asking not to be identified because the information is private. Contractors have received some payments from the government in cash and the rest could come in "I-owe-you" notes, the people said. Bloomberg Read More>>>>>>