malaysia? bankrupt? you serious?

When the government said the country is on the verge of bankruptcy, I really laughed like mad. Can you please explain to me how on earth a nation that is blessed with so much of natural resources can go bankrupt in 9 years time? Funniest thing is, they used it to justify the removal of subsidies. They have to remember, the people who has to suffer is not politicians. It is the people who have to suffer from their mismanagement.