Jan 30 - Zimbabwe Is Down to Its Last $217

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 5 years ago '12        #1
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You Hater 1447 heat pts1447
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Jan 30 - Zimbabwe Is Down to Its Last $217
 

 

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 Zimbabwe Is Down to Its Last $217 - Yahoo! News

There are cash-strapped governments, and there are broke governments. And then there's Zimbabwe, which, after paying last week's government salaries, has just $217 in the bank. No, we didn't forget any zeroes to the end of that figure. Zimbabwe, the country that's home to some of the world's largest plutonium and diamond reserves, is literally as rich as a 14-year-old girl after a really good birthday party. The country's finance minister admitted as much in a press conference on Tuesday.
"Last week when we paid civil servants there was $217 [left] in government coffers,"
Tendai Biti told reporters.
"The government finances are in paralysis state at the present moment. We are failing to meet our targets."
So it seems. However, Zimbabwe is hardly a stranger to financial hyperbole. The economy started to come apart at the seams in 2000, when President Robert Mugabe seized the land of over 4,000 white-owned farmers, effectively dismantling the country's agriculture industry. Over the course of the next decade, the country spiraled into an extended period of hyperinflation, the likes of which the world almost never sees. It peaked in August 2008, when inflation reached 11,200,000 percent and economists around the world started to say that the country's situation was hopeless. Prices were doubling by the day, and the government had to print 100 billion Zimbabwean dollar notes. The following year, they went ahead and printed Z$100 trillion notes, just before deciding to chop 12 zeroes off of the currency. A new coalition government formed that year began the long process of recovery, a process that is clearly going to take a little longer.

It's unclear how the Zimbabwean government is going to get itself out this fiscal mess, but whatever it does, it needs to do it quickly. As Quartz's Tim Fernholz points out, Zimbabwe is looking at $104 million bill for its upcoming election and dealing with brand new allegations that government officials have been running a corruption ring around the country's diamond mines. The country obviously desperately needs a major change.
"But action against corruption probably won’t come until the end of Mugabe’s reign, and a new constitution coming up for a referendum this spring—presuming the funds can be found -- might set up the aging autocrat for another term in power,"
writes Fernholz.

Until then, looking for quarters under the couch isn't going to cut it, so Zimbabwe is doing the only thing it can do.
"We will be approaching the international community,"
Biti said. You'll never guess who's most likely to come to the rescue. Hint: They're big fans of rare minerals.

81 comments for "Jan 30 - Zimbabwe Is Down to Its Last $217"

 5 years ago '12        #2
You Hater 1447 heat pts1447 OP
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Thats insane
 01-30-2013, 08:02 AM         #3
choong 
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If their bank account is +$217 they are in a better situation then the US (-$16 TRILLION) and the UK (-$1 TRILLION)
 5 years ago '12        #4
You Hater 1447 heat pts1447 OP
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 choong said:
If their bank account is +$217 they are in a better situation then the US (-$16 TRILLION) and the UK (-$1 TRILLION)
 5 years ago '06        #5
nightmare 429 heat pts429
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 choong said:
If their bank account is +$217 they are in a better situation then the US (-$16 TRILLION) and the UK (-$1 TRILLION)
 5 years ago '07        #6
cankstoochie 48 heat pts48
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they're doing good actually... at least there not in debt
 5 years ago '11        #7
Gatorfan2611 8 heat pts
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"Zimbabwe, the country that's home to some of the world's largest plutonium and diamond reserves, is literally as rich as a 14-year-old girl after a really good birthday party."

god four-bid the natives of the land benefit from this. all this wealth leaving the country
 5 years ago '07        #8
Ghost Terp 18 heat pts18
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 choong said:
If their bank account is +$217 they are in a better situation then the US (-$16 TRILLION) and the UK (-$1 TRILLION)
 01-30-2013, 12:35 PM         #9
choong 
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 01-30-2013, 01:05 PM         #10
Throbbin' Thicke 
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 5 years ago '10        #11
1188 
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 Gatorfan2611 said:
"Zimbabwe, the country that's home to some of the world's largest plutonium and diamond reserves, is literally as rich as a 14-year-old girl after a really good birthday party."

god four-bid the natives of the land benefit from this. all this wealth leaving the country
Might be a bless in the sky.
 5 years ago '04        #12
getyagameup 24 heat pts24
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this is going to be the US soon which is why we spend so much on the military. it still boggles my mind as to how, as an industrialized global superpower of a nation that we are that we owe more money to others than a lot of other countries owe combined??? i'm guessing on that but who else owes close to 16 trillion??? if britain only owes 1 trillion then WHAT THE fu*k ARE WE DOING???????? they are raping africa and keeping its citizens poor. if the president seized the land of 4000 farmers, why don't they have any money???? they have the most diamonds in the world or damn near.....how is that continent broke???? it's like the slavery days in 2013. cats just don't know what's good and other people, europeans for the most part, are coming through talking about how they know what's good for africans. sh*t is sad and fu*king pathetic. and like i said, this will be the US soon enough.
 5 years ago '04        #13
Tic Toc 7 heat pts
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 1188 said:
Might be a bless in the sky.
 5 years ago '04        #14
gimmethat 1 heat pts
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isnt there an Embargo against Zimbabwe ?i know America wanted his head a few years go
 5 years ago '11        #15
GetuOne 73 heat pts73
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 choong said:
If their bank account is +$217 they are in a better situation then the US (-$16 TRILLION) and the UK (-$1 TRILLION)
I was just going to say this.
 5 years ago '06        #16
nightmare 429 heat pts429
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 Avitos Way said:

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 5 years ago '09        #17
Spiffy 34 heat pts34
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 Gatorfan2611 said:
"Zimbabwe, the country that's home to some of the world's largest plutonium and diamond reserves, is literally as rich as a 14-year-old girl after a really good birthday party."

god four-bid the natives of the land benefit from this. all this wealth leaving the country
god forbid you have children, wow
 5 years ago '04        #18
killadre 229 heat pts229
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 Avitos Way said:

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This.

Africa is literally riches country when it comes to natural resources.
 5 years ago '10        #19
Staszy 11 heat pts11
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 Avitos Way said:

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 5 years ago '10        #20
GBREEZE 261 heat pts261
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 1188 said:
Might be a bless in the sky.
I sincerely hope this n*gga is trolling HARD....

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