Over the years, a minor issue has turned into an absurd crisis. Some observers have said that the reason behind this crisis is the excessive desire for luxury, whereas others believe that it lies in the absence of any government control over banks, which compete in offering attractive services. The crisis of personal loans in Kuwait emerged as a daily issue, and has turned into the most severe crisis in the Gulf, overthrowing a national assembly and raising storms in every new one. Some have wanted to take a popular position by calling for a complete cancelation of citizens’ debts — by allowing the government to purchase the loans — or to cancel the interest. Others have rejected this solution, however, considering it lacking in justice and equality.
In the rich country of Kuwait, citizens borrow money to go on a trip, renew their furniture or buy a car, and probably to undergo plastic surgery or gastric bypass surgery, but others borrow to build a house or to pay for medical treatment.
Ahmed Al-Shamari said: “Yes, I borrowed a large sum of money from a bank to pay for a trip to France. My children wanted to travel just like the others, and the material resources that I had were not enough. I am still paying off the loan and its interest at present.”
Read more: http://www.al-monitor.com/pulse/business/2013/01/kuwait-faces-financial-crisis-over-loan-repayment.html#ixzz2JGSe1GQ1
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