Originally Posted by xmas13

http://www.telegraph.co.uk/finance/f...ankruptcy.html

Pakistan facing bankruptcy - The Telegraph

Pakistan's foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.

Officially, the central bank holds $8.14 billion (£4.65 billion) of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion - enough to buy about 30 days of imports like oil and food.

Nine months ago, Pakistan had $16 bn in the coffers.

The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.

http://www.reuters.com/article/marke...37755820081006

Debt crisis looms for Pakistan after rating downgrade - Reuters

http://www.newsweek.com/id/162401

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