Saudi Arabia has withdrawn tens of billions of dollars from global asset managers in recent months in an effort to cut its massive deficit caused by falling oil prices over the past year, Financial Times reported Sunday. The country's banks are borrowing in the bonds and loans market because of the cash squeeze.
The price of crude oil has halved in the past year and now stands at about $50 a barrel. The slump in oil prices forced governments to fund spending through bond sales and to use cash accumulated during the boom.
More News on Saudi Arabia Withdrawing Funds From Global Markets
Saudi Arabia withdraws overseas funds -- CNBC/Financial Times
Saudi Arabia Withdrew Billions From Markets, Estimates Show -- Bloomberg
Saudi Arabia Pulls Billions of Dollars From Fund Companies -- Barron's
We just got the first significant sign that Saudi Arabia is hurting for cash -- Business Insider
Saudi Arabia Pulling as Much $70 Billion from Markets -- Oil & Gass 360
I hope they go bancrupt soon
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