Sunday, 19 October 2008

Pakistan bank run

Heres the latest from Pakistan - watch for more developments on this story this week:

World economic crisis pushes Pakistan close to collapse

Pakistan's creditworthiness rating is the second-worst among nations ranked by Standard and Poor's, superior only to that of the Seychelles. Last week, the country's president, political novice Asif Ali Zardari, felt compelled to offer public assurances that "Pakistan is not going bankrupt."

Consumer confidence has eroded steadily. In Karachi, Islamabad and other major cities, there has been a run in recent days on foreign-currency accounts held in Pakistani banks.

1 comment:

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