Across the Bay

Wednesday, September 24, 2008

Apparatchik Genius!

Tariq al-Homayed captures the genius of the Syrian regime apparatchik in this biting, hysterical column (English) in Asharq al-Awsat. It also gives one measure of the great economic reforms introduced by Bashar Assad!

The Syrian Minister of Finance, Doctor Mohammed al Hussein, wrote an article for the Syrian Al Thawra Newspaper entitled, ‘Syria: The Country Least Affected by the Financial Crisis…The Reasons Lie in its own Capitalism,’ in order to reassure citizens and investors that Syria is the state least affected by the financial crisis and if only he didn’t write!

In the article, the minister said, “We can confirm that the Syrian economy, out of all the regional economies, has been least affected by this crisis.” He added, “The reason for this goes back to restricting the channels through which this crisis could pass to enter Syria…some of the best ways of which are through financial institutions, financial markets, investments, foreign currencies and foreign trade.”

Please pay attention to the minister’s explanation: “The Syrian financial market is yet to be born, and the financial institutions and banks are still in their infancy, the capital of which is mostly domestic and even if there is non-Syrian capital, in most cases the source is Arab.”

What the finance minister is trying to say, in simple terms, is that Syria has been saved from this international financial crisis because his country has no financial market and because of the regression of banks and financial institutions in Syria, as well as the lack of foreign investments. Any Arab investments are merely grants or accompanied by political motives.

Therefore, the finance minister is attributing his country’s escape from the international financial crisis not to the strength of the Syrian economy but to its deterioration and underdevelopment.
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The question that should be put to His Excellency, the Syrian minister of finance, is: If you do not have a financial market or strong and dynamic banks and financial institutions, or foreign investments, then what need is there for a ministry of finance?

And here I was thinking Sami Moubayed was the undisputed King of Comedy! Another entry in the annals of Syrian regime apparatchik genius.