Pakistan, bankrupt, wants $100 billion bailout

[Holly_Hobby]

Pakistan facing bankruptcy

Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.

Officially, the central bank holds $8.14 billion (£4.65 billion) of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion - enough to buy about 30 days of imports like oil and food.

Nine months ago, Pakistan had $16 bn in the coffers.

The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.

Given the country's standing as a frontline state in the US-led "war on terrorism", the economic crisis has profound consequences. Pakistan already faces worsening security as the army clashes with militants in the lawless Tribal Areas on the north-west frontier with Afghanistan.

,,,

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3147266/Pakistan-facing-bankruptcy.html

[ladjf]

1. Hmm. What happened to the billions we gave them? Better check

Mousharif's Swiss bank accounts.

[villager]

2. When do they start selling off their nukes?

n/t

[snappyturtle]

3. Ol' Pakistan can get in line. nt

[RUMMYisFROSTED]

4. Sell the UN your nukes.

:think:

[NC_Nurse]

5. Maybe they should come up with Osama and give up nuclear weapons.

[Winterblues]

6. Iraq has about eighty billion socked away they could lend them.

They sure don't need any for their own use. The Bush* Cabal is keeping them well supplied with our money..