Algeria to cut debt by half
From Reuters, 22 may 05. Note that various sources say Algeria now has from $45b to $55b budget surplus, due to the high price of oil in recent years. (See the EIA and CIA webpages on Algeria country report for more statistical detail.)
posted by Tom O'Donnell, PhD | 12:50 PM
52 Comments:
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All of us are affected by economy crisis, this is one of the reason why most of us tend to get for a loan that sometimes leads us to be into debt. This is the usual issue today; almost borrowers are deeply into debt because they don’t have enough money to pay back what they have loaned.
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We are entering in to a time in world history like no other. Debt (from global down to individual) is becoming so unmanageable that we are about to hit a tipping point where the default rate will become so high that financial markets will crumble. We are already beginning to see the very beginning of it, with the sub-prime issues.
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I think that's a good post. It's important to keep positive. We have to look for the good in everything.
Debt negotiation and debt settlement are actually very responsible ways to get out of debt. Like many here have said, using a debt settlement program shows your creditors that you are very serious about getting out of debt for good, and they will respect you for it.
It's alarming to see how the financial world has changed in the time since the original post was made.
Borrowers struggling with their finances reluctantly contemplate bankruptcy and the loss of everything they own, whilst increasingly nervous lenders face ever growing levels of debt write-offs as a result.
In the UK, credit card companies have been offering previously unheard of settlement figures for a one-off payment to clear the account - i.e. 60% discount from the balance.
The only reason a lender would agree to accept 40% of the debt is because their real fear is that the alternative wil be to receive nothing (as a result of the borrower going bankrupt).
One option that can suit both borrower and lender in the UK is an Individual Voluntary Arrangement (referred to as an IVA) which is a legal agreement between the lender(s) and the borrower to write off upto 75% of the debt with the remaining balance being re-paid over a 5 year period.
The lender gets some of their loan back rather than none at all and the borrower is able to stay in their own home.
Its not an ideal solution, but in difficult situations, it can be a very good working alternative to the worst case scenario of the borrower being declared bankrupt.
Having said that, IVA's certainly arent suitable for every borrower, so speaking with an impartial adviser who can listen to a borrowers unique financial circumstances will be beneficial.
Citizens Advice Bureaus offer free advice as do local debt counsellors and their contact
details can be found online or in local telephone directories.
Commercial organisations such as
UKivaHelp.info also provide a wealth of free information about Individual Voluntary Arrangements on their website or through
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Oil is such a fascinating aspect of business. I haven't studied Algeria much, but I will add this to my to do list.
Debt settlement is an agreement between a debtor and a creditor to fully satisfy a debt for a lesser payoff amount. A debt settlement is usually reached when a debtor is unable to fully meet his/her debt obligations due to financial hardships. Debt settlement is also called debt negotiation. Technically speaking, a debt settlement is the agreement while debt negotiation is the process through which both parties reach that agreement.
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We applaud the efforts by Nigeria to cut its debt by half.
Nigeria, how you have fallen, Nigeria.
Debt is truly a sad thing for all nations. I weep for the future.
Thank for this blog and these postings. I follow them religiously.
Debt is truly a big issue in our lives today. We must all work hard to help our governments overcome their respective national debt. Peace.
Algeria and the horn of Africa are making great strides towards paying off debt. This is commendable. Rock on, Algeria!
Rather than Algeria struggling to cut debt by half - why doesn't the IMF FORGIVE this debt??
What about the other 50 percent of debt?
Debt forgiveness, not debt repayment - this is what developing nation require.
thanks for your news , its very usefull .
Algeria, you are a great and mighty nation. You shall overcome these difficulties, rise again and ascend to the throne of your righteous place.
Algeria will never be free from debt as long as it continues to rely on a fiat currency.
It will never work and they will always have to fight the debt monster and foreign influence.
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Debt is indeed a serious issue for much of the developed nations as well as still developing nations.
algeria it's politic and economi can gift the best
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If only the States could do that...where's our oil? I'll move there. thanks!
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This is good news to all Algerians. I just hope that other countries can also realize this dream of cutting their debts! According to Forex Assassin review, anyone can give help by investing in businesses like forex trading. But of course, you need money to invest in anything but if ever someone can possibly venture into this, it can really help a lot!
This is very good information indeed. I wish other countries also took advantage and created a friendly service for their consumers.
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Cut in half? I'd love to see them do that! Perhaps they did already? Yeah right!
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