Monday, January 30, 2006

Palestinian Economy implodes as Hamas takes over

I've received several reports that what's left of the Palestinian economy is exiting Palestine, particularly the West Bank as fast as it can be wired or withdrawn.

Many well connected Fatah `family' including ministers and security bosses have been transferring their assets out of the Palestinian Authority, particularly in the West Bank, where most of what's left of the Palestinian economy subsisted.

I've seen estimates of between $35 and $50 million US were transferred in just one day, January 30th. Much of this came from the Jordanian based Arab Bank, currently under suit inUS Federal Court for aiding and abetting terrorism against American citizens.

Of course, most of that money was directly or indirectly `aid' money, sent by the UN, the EU, USAid and other suckers..ahem..I meant donors.

Businessmen, doctors and the governing class are rapidly shifting their assets to Europe and the Gulf Emirates. There is little or no confidence by the elite that Mahmoud Abbas has any ability to limit the Hamas drive to grab full control of government and its assets. The elite classes also have to worry that the property of prominent figures will be impounded to make a show of the corruption and thieving practiced by the defeated Fatah. Or that it will be liquidated to help pay to run the Palestinian Authority by the new Hamas rulers.

1 comment:

MissingLink said...

And I though that their "economy" couldn't get any lower.