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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (41510)	4/1/1999 11:00:00 PM
From: Brian P.	Read Replies (1) of 95453

haaretzdaily.com Friday, April 2, 1999 Syria in economic dire straits By Nitzan Horowitz, Ha'aretz Correspondent Several top U.S. officials who have recently visited Damascus are saying that the Syrian economy is in serious trouble, with one congressman describing it as in "a state of collapse."... In addition to reports prepared by Undersecretary of State for Near East Affairs Martin Indyk that clearly indicate a deterioration in the Syrian economy, various sources report that morale is declining in the Syrian army. The fact that recent demonstrations outside the U.S. and Greek embassies got out of hand, the sources say, is an indication of the trouble rippling through the security apparatus in the country.... "Deterioration is evident everywhere," said a congressman who recently visited the country. "When I went from Syria to Jordan, I felt like I was going from Nigeria to Switzerland."... ...oil sales are also down sharply, while international commodity prices for both oil and agriculture don't offer much promise of salvation....With oil now forming some 70 percent of Syrian revenue and international oil prices remaining low, Washington believes that Syrian expenditures on oil exports are taking critical funding away from investment in infrastructure, education and health....

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