Pakistan Facing Bankruptcy

[DemoTex]

Islamabad - 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. (More ..)


http://www.truthout.org:80/100708R

Will the repo man get the nukes?

[dipsydoodle]

1. Tough

.

[thunder rising]

2. Pakistan is solvent ... we are bankrupt. They just haven't discovered deficit spending.

[Double T]

3. When criminals are put in charge of governments, economies and finance..........

we all go bankrupt. Welcome to the new world order.

[katty]

4. go ask for a loan from the bank of Torra Bora

[sarcasmo]

5. This is a Scary situation. The time is ripe for a hardline Government.

[jeepnstein]

6. I wonder what they could do to raise some money quick?

Maybe a yard sale? They could get India and Saudi Arabia bidding for their nuclear programs. Or they could just sell off a couple of smaller bombs to whoever has cash these days.

Mark my words. Our next major bit of pain and suffering here at home will come to us courtesy of our friends in Pakistan.