Big thanks to a reader for the heads up on this article on the state of the economy in Seychelles.
… Seychelles now has the unenviable stature of being perhaps the most indebted country in the world. Public and private debt totals $800 million – roughly the size of the country’s entire economy.
In every country in the world … to a greater or lesser degree, of course … excessive spending, poor management and political ass-covering drop a bottom line below the bootstrap level that would allow pulling up in times of global economic meltdown.
Not all that long ago, I would have suggested that a move toward countries being run more like businesses would have been a step in a responsible direction, but now it’s pretty clear that the sort of mismanagement government machines are noted for is writ big in the corporate world after all.
The phrase “a world of hurt” comes to mind a lot these days.