Posted on 08/28/2002 1:20:09 AM PDT by BlackJack
Nigeria has said it can no longer afford to service its $33bn foreign debts because of plunging oil revenues and the failure of some of its privatisation plans.
Consequently, the country has suspended payments on its debts, said Central Bank governor Joseph Sanusi.
Last month Nigeria - one of the world's largest oil-producing nations - held foreign exchange reserves of only slightly more than $8bn, down about a fifth since December. The external sector of the economy was under pressure during the period under review.
Mr Sanusi said he had decided to halt all debt repayments rather than to eat further into the reserves.
Most of Nigeria's debt is owed to foreign governments, members of the Paris Club of official creditors.
Earlier this year, Nigeria parted company with the International Monetary Fund about how best to achieve a turn-around in its economic fortunes.
Regards, Ivan
This is just another way for the internationalists to bring these countries into the fold.
There are hard times looming ahead and I suspect all of our troubles may turn out to be an orchestrated setup from the begining.
Blocking a new axis of evil*** A new terrorist and nuclear weapons/ballistic missile threat may well come from an axis including Cuba's Fidel Castro, the Chavez regime in Venezuela and a newly elected radical president of Brazil, all with links to Iraq, Iran and China.
Visiting Iran last year. Mr. Castro said: "Iran and Cuba can bring America to its knees," while Chavez expressed his admiration for Saddam Hussein during a visit to Iraq. The new axis is still preventable, but if the pro-Castro candidate is elected president of Brazil, the results could include a radical regime in Brazil re-establishing its nuclear weapon and ballistic missile programs, developing close links to state sponsors of terrorism such as Cuba, Iraq and Iran, and participating in the destabilization of fragile neighboring democracies.
This could lead to 300 million people in six countries coming under the control of radical anti-U.S. regimes and the possibility that thousands of newly indoctrinated terrorists might try to attack the United States from Latin America. Yet, the administration in Washington seems to be paying little attention.***
Change of guard at Southern Command Army's Gen. James Hill takes charge*** Gen. James Hill took over on Tuesday as head of the U.S. Southern Command, leading the military fight against drug lords and terrorists in Latin America and the Caribbean. The Vietnam and Desert Storm veteran ''really is the perfect choice to lead the U.S. Southern Command,'' Joint Chiefs of Staff Gen. Richard Myers said. Hill, 56, has also served in the Pentagon and with a United Nations mission in Haiti. He left a post as commander of the Army's I Corps at Fort Lewis, Wash., to lead the Miami-based Southern Command.***
I don't know if anyone else picked up on your reference in #3, but I got a good chuckle out of it.
Bill Clinton is no longer President'e
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.