Last Updated March 11, 2009
Kuwait: The Perfect Sandstorm
Kuwait’s domestic economic conditions have dovetailed with the international crisis to create the perfect storm, reports Hugh Miles.
Initially, many analysts thought the worldwide financial turmoil would sail harmlessly by Kuwait. Then, last October, Kuwait’s fourth largest lender unexpectedly revealed massive losses related to derivatives trading. Gulf Bank lost KD375m (US$1.4bn) when the euro fell against the dollar.
