Connect to share and comment

The big picture view of an ever-changing global economy.

Amid revolt, Gaddafi offers pay raises and bonuses

Can a dictator buy his way out of trouble?
Gaddafi protesterEnlarge
A Tunisian woman holds a picture showing a rope and a portrait of Muammar Gaddafi during a protest in front of the Libyan embassy in Tunis on Feb. 22, 2011. (Fethi Belaid/AFP/Getty Images)

Extreme circumstances call for extreme measures.

If you're Muammar Gaddifi today, that means money. Lots of money.

Gaddafi's embattled regime has promised to double some public sector workers' wages. It's also vowing a $400 bonus for every family in Libya.

The move is akin to King Abdullah's payout in Saudia Arabia announced earlier this week, where the king offered $10.7 billion in economic benefits designed to help unemployed workers and tame rising inflation.

In other Gaddafi-related business and market news, the Swiss government today said it was freezing assets of the Gaddafi family. Meanwhile, global oil prices fell slightly from their recent highs after Saudi Arabia increased production in light of Libya's ongoing unrest.

Further afield, GlobalPost correspondent Nicole Sobecki was in Benghazi, Libya yesterday when the city fell to protestors.

Here's her great report.

http://www.globalpost.com/dispatches/globalpost-blogs/libya-revolt-gaddafi