"HARARE — After paying public workers' salaries last week, the balance in cash-strapped Zimbabwe's government public account stood at just $217, Finance Minister Tendai Biti said Tuesday.
"Last week when we paid civil servants there was $217 (left) in government coffers," Biti told journalists in the capital Harare, claiming some of them had healthier bank balances than the state.
"The government finances are in paralysis state at the present moment. We are failing to meet our targets." ".....................
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Why don't they learn from us and borrow from China?
Or have another branch of their government borrow the $217 and replace it with IOU bonds which are counted as cash and then everyone will be happy. :happier:
"Zimbabwe's economy went into free-fall 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 scared off tourists.
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."
I have to wonder why global Corporations have not invested (bribed) in the local officials to gain permission to build factories and exploit a cheap labor force. Maybe the evil Corporations have infiltrated Zimbabwe and have control over the right officials and now the well has run dry? What ever the actual causes of the situation they are in an economic pickle.
I can explain it to you but I can't understand it for you.
"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford
Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus
otisptoadwater wrote: I have to wonder why global Corporations have not invested (bribed) in the local officials to gain permission to build factories and exploit a cheap labor force. Maybe the evil Corporations have infiltrated Zimbabwe and have control over the right officials and now the well has run dry? What ever the actual causes of the situation they are in an economic pickle.
Maybe they are learning . How many billions have been nationalized?
