Learn from your losses, says Sheikh Hamdan
Sheikh Hamdan bin Zayed, the Deputy Prime Minister, has few words of comfort for those who lost money in the stock markets, saying people should live within their means.
Many investors have seen their wealth decline sharply over the past year due to falls in property prices and shares.
“I hope the Government will do something to solve this problem, but I personally do not subscribe to irrational assistance,” WAM, the state news agency, quoted Sheikh Hamdan as saying in an interview with Kuwaiti dailies Al Seyassah and Arab Times.
“Who forced those people to take loans to buy cars, invest in shares and travel for recreation? A famous adage says, ‘Cut your coat according to your size.’ These people should learn from the incident… We will be cautious in helping people to avoid confusion, since there are citizens that actually need assistance and we should be responsible for their yearnings.”…SOURCE
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Tags: Adage, Al Seyassah, Arab Times, Cars, Citizens, Confusion, Dailies, Decline, Deputy Prime Minister, Few Words, Hamdan, Helping People, Investors, Loans, Losses, News Agency, State News, Stock Markets, Yearnings, Zayed
Looks like tough love instead of a bailout in the UAE!
Looks like tough love instead of a bailout in the UAE!