WILL MALTA BE THE NEXT LEBANON; INSOLVENT AND WITH NO CASH FLOW TO REDUCE ITS ASTRONOMICAL DEBT ?

 

So whoever knows the right thing to do and fails to do it, for him it is sin. James 4:17 

           

The collateral damage of the Russian invasion of the Ukraine may very well be the Republic of Malta; the loss of income from the soon-to-be-terminated IIM (CBI) passport sales programme, when coupled with the loss of illicit income from the probable termination of the lucrative money laundering income through offshore banking operations, will leave Malta with massive debt, and no way to service, let alone discharge, it. A country with little legal exports or commerce can only go bankrupt.

Take a hard look at the corrupt Lebanese economy, topheavy with obscene amounts of debt, coupled with rampant corruption that is a way of life there (sound familiar ?); The country is bloody bankrupt. That's precisely what Malta has to look forward to, as the EU scraps Malta's passport sales scheme and Malta's vaunted offshore tax haven privileges, while an angry and highly motivated foreign justice system cuts the heart out of the PL clown show, starting with its cult leader JM, less those murdered by the Maltese Mafia, on orders of certain Central Asian organized crime kingpins, unhappy that their laundromat has closed for business. Tourism won't see Malta; it won't recover to acceptable levels.

The only way out of financial ruin may be to reopen the naval facilities to NATO use, and use the port revenue and spill-off income from sailors and marines stationed there by other EU members. Developing some high-tech industry might also help reduce the debt.

Otherwise, the prophets might be right; Malta is destined to become just another small Italian province. At least that way, it will finally get rid of all those high-paying government jobs where the officeholder doesn't really do anything but promote the Labour Party.