Dr. Abderrahmane Mebtoul. DR.
Mohsen Abdelmoumen: What is today the equilibrium threshold, the price of a barrel that allows Algeria to not draw from its foreign currency reserves, but to reconstitute them?
Dr. Abderrahmane Mebtoul: Foreign exchange reserves come mainly from hydrocarbons exports (98% with derivatives) whose average price per barrel of Algerian oil went from $ 112 in June 2014 to $ 45 average annual 2016 to $ 53.97 in 2017. They evolved as follows: $ 162.2 billion in 2010, 182 in 2011, 190 in 2012, 194 in 2013, 180 in 2014, 144 in 2015, 114 in 2016, and $ 96 billion (excluding SDRs) at the end of 2017 and excluding gold reserves, Algeria owning 173 tons of a worth, at the current price, of about 7 billion dollars and, according to the IMF in its report of July 20, 2018, which is likely to end at $ 12-13 billion at the end of 2022 with a very strong economic recession. Lire la suite »
Prof. James K. Galbraith. DR.
Mohsen Abdelmoumen:You have been an adviser for Yanis Varoufakis, the former Greek finance minister, and you have related this experience in your book “Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe”. In your opinion, what are the real reasons of the resignation of Varoufakis?
Prof. James K. Galbraith: No mystery there. Yanis could not sign the capitulation to the terms specified by the creditors. So when the outcome of the referendum failed to persuade the government to stand its ground, he had no choice but to resign. Lire la suite »
Dr. Jacques Sapir. DR.
Mohsen Abdelmoumen: In your book « Les économistes contre la Démocratie: Pouvoir, Mondialisation et Démocratie » (Economists Against Democracy: Power, Globalization and Democracy), you are very critical of economists. Can you explain why?
Dr. Jacques Sapir: It is mainly because economists have appropriated a power that is not theirs. They have indeed penetrated the inner workings of the ruling apparatus. This is true at the State level, as to that of major international organizations, whether it is in the European Union, the OECD or the WTO. They are thus increasingly inclined to intervene on all social and political problems. But when they occur, it is by mixing an experts position and a position of political actors. This poses an immediate problem. Lire la suite »
Prof. Mebtoul: « Any destabilization of Algeria would have geostrategic repercussions on all the Mediterranean and African space »
Professor Abderrahmane Mebtoul. DR.
Mohsen Abdelmoumen: We are following your work for a long time. For the economist you are, does Algeria respect international commitments?
Prof. Abderrahmane Mebtoul: You are referring to the Association Agreement signed in full sovereignty on September 1, 2015. For Algeria, speaking through the Director-general of economic relations and international cooperation at the Ministry of Foreign Affairs, it is not question of calling into question the general architecture, Europe having acceded to the Algerian demand and agreed to a partial revision of some articles allowing a win/win partnership while underlining for the European part, that the structural reforms for a diversified economy depend first of the Algerian government, in order to benefit from this agreement. Lire la suite »