In the immortal words of Queen Victoria, Saudi Arabia “is not amused.”
With the first 9/11 lawsuit already winging its way to The Kingdom following Congress' decision to un-vet, Saudi officials have broken their silence “stressing their concern” and warning of “consequences.”
The Minister of State, Cabinet's Member, and Acting Minister of Culture and Information Dr. Essam bin Saad bin Saeed said in a statement to Saudi Press Agency following the session that the Cabinet stressed that the adoption of “JASTA” Law in the United States of America is of great concern to the international community in which international relations are based on the principle of equality and sovereign immunity, the principle governing international relations for hundreds of years.
The weakening of the sovereign immunity affects negatively all countries, including the United States of America, expressing the hope that wisdom prevails and the United States Congress takes the necessary steps to avoid serious and grave consequences that may result from enacting “JASTA” Law.
As the forward market implies dramatic devaluation is looming…
And investors are loading up on record amounts of CDS protection (red line)…