NO. 6


Financial and Banking News

Gulf Crisis

PLO Loses $4bn through Gulf Crisis, Says 'Arafat

The Palestine Liberation Organization (PLO) had $4bn in Kuwaiti banks at thetime of the Iraqi invasion, according to PLO Chairman Yasser 'Arafat. Speakingto supporters in Tunisia on 2 November, Mr. 'Arafat said that Arab financialsupport for the intifada had dried up since the invasion and that steps werebeing taken to reduce the PLO's general expenditure by 30%. The austerity...