Zimbabwe's bank balance stands at $217 (Now THAT'S a fiscal cliff.)

[No Elephants]

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.

[Enthusiast]

1. "Guess what will come next."

Civil war?

[No Elephants]

2. "It' a mineral rich nation."

I have a feeling it is going to be able to raise some money.

It may lose everything else in the process, but beggars can't be choosers, can they?