Zimbabwe's bank balance stands at $217
Government account stands at $217 after paying public workers' salaries last week, the finance minister has said.
Last Modified: 30 Jan 2013 14:31
The balance in cash-strapped Zimbabwe's government public account has fallen to just $217 after paying public workers' salaries last week, Tendai Biti, the country's finance minister has said.
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Zimbabwe's economy plummeted at the turn of the millennium, after President Robert Mugabe began seizing white-owned farms.
The move demolished investor confidence in the country, paralysed production, prompted international sanctions and repelled tourists.
But after more than a decade - in which the country suffered hyper-inflation of 231 million percent and infrastructure that crumbled as quickly as prices went up - the situation is now more stable.
However, public finances remain a mess and local business battles against unstable electricity supplies, lack of liquidity and high labour costs.
http://www.aljazeera.com/news/africa/2013/01/2013130134525141101.html"We are failing to meet our targets."
That has to be an understatement.
A race war discouraged investors and tourists? No one saw that coming?
Maybe Krugman can help them out with that trillion dollar coin trick.
I should not be flip. This is a horrific situation all around.
Aside from needing money to pay the light bill, they need $104m for elections and a constitutional referendum
On the bright side, it's a "mineral rich" nation.
Its two currencies are the Rand and the U.S. dollar.
Guess what will come next.
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