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Pakistan on the Verge of Bankruptcy, Presses Allies for Support
Pakistan said Friday that it would seek $4 billion in financial assistance, mostly from the World Bank, the Financial Times reported. Pakistan, a nuclear power and neighbor to Afghanistan, is on the verge of bankruptcy and if it does not receive the assistance it requires, the economy could collapse resulting in political upheaval and social unrest.
Pakistan has been wracked by inflation, currently running at 25% and its foreign reserves are dwindling. The nation’s currency, the rupee, last week sank to a new low of 84.4 to the dollar and has tumbled more than 33% against the greenback this year. Pakistan’s…
20Oct2008 | Money Morning | Comments Off | Continued
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