HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"id": 267423,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/267423/?format=api",
"text_counter": 384,
"type": "speech",
"speaker_name": "Mr. Keynan",
"speaker_title": "",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": "29 Thursday, 1st March, 2012 (P) “theories” because I will qualify why they are theories – was the Euro Zone crisis. All of us are Kenyans. All of us live in the IT world which is a global village. As we are aware, the Euro Zone crisis is at its worst as I speak today. Some of the economic giants in Europe have recently had their credit rating downgraded, for example, France, Germany and even others like Greece and Spain or the countries that are called BRICS and Portugal. They have very serious economic problems. If indeed, this was one of the causes, it should not have been one of the triggers for those three months. It was there for three years and it continues to be there. As I speak, the crisis is worse and therefore, we ruled out that that was not one of the triggers. The second theory that we were told was the United States debt crisis. Again, we live on Planet Earth. The US debt crisis has been there for the last two to three years and it continues to be there. Therefore, when we looked at the impact of the US debt crisis, from every aspect, again, we ruled out that that was not the cause. The third cause that we considered, that we were told, was the Arab Spring. We all know the origin of the Arab Spring. It was Tunisia and it is still there. That again, as far as the international oil prices are concerned, that again, did not have any serous effect on the drastic decline of the Kenya shilling. Again we ruled out that. The fourth theory that we were given was the escalating food prices. By the time the shilling drastically declined from Kshs83 to Kshs107 in the months of September, October, November and December, this country again did not benefit from the long rains. That is the time when the long rains were going on. Therefore, if the issue of prices of food was anything that would have contributed to this, in particular, on the balance of payments, that again, we ruled out was not the cause. Having ruled out those four theories that we were given, we went ahead and considered all the other possible causes. We looked at the information that we were given, in particular, by the financial experts, representatives of the banks, the representatives of the Government and by the officials of the Central Bank, both directly and indirectly."
}