Pakistan in emergency dash to US for credit lifeline - to avoid bankruptcy

The Telegraph ^ | 10/9/2008 | Isambard Wilkinson and Damien McElroy

[bruinbirdman]

Pakistan has dispatched its top finance officials on a mission to raise billions of dollars from its closest allies in a last ditch bid to stave off bankruptcy.

Shaukat Tareen, the prime minister's finance adviser, and Shamshad Akhtar, the governor of the central bank, have travelled to Washington to secure £6 billion American and British-backed lifeline.

Oil-rich Gulf states have been lined up to match Western funds with extra billions to ensure that the country, which until recently touted itself as the next Asian Tiger, avoids a balance of payments crisis.

Mr Tareen, a suave former banker, was appointed this week to spearhead the last ditch bid to after it was revealed that state reserves had halved since democratic elections earlier this year. He has given himself four weeks to salvage the economy. High oil prices have combined with endemic corruption and mismanagement to push Pakistan to the brink of bankruptcy.

The country's middle class shifted massive amounts of capital overseas as a crisis of confidence in Pakistan's long term future took hold following the assassination of former Prime Minister Benazir Bhutto last December.

A leading Pakistani private banker in Dubai, who has acted as handmaiden to the exodus, said the collapse and replacement of former President Pervez Musharraf's regime had amounted to a devastating double blow. "Capital flight has got be stopped if the country is to be turned around," he said. "But people take their cues from the leaders. The looters are back in charge and if they won't repatriate their money from Swiss bank accounts why should we keep our money in Pakistan?"

While Pakistan's economy has repeatedly been on the brink since independence in 1947. the stakes have never been higher. The nuclear armed state has failed to contain an Islamic insurgency despite mobilising its army.

[nobama08]

I’m pretty sure we are broke.

[autumnraine]

Noooo, we aren’t broke! Haven’t you heard, we have another $38 billion lying around for AIG. Surely we can spare a billion or two for Pakistan!

[unixfox]

Uh, NO!

[Former MSM Viewer]

Give us Bin Laden and we can talk...

[PLMerite]

Three words: Pony up Osama

[mass55th]

Call your Pocky-ston homeboy Obama for a loan.

[rabscuttle385]

The Money, Banking, and Financial Markets Ping List. "Money, not morality, is the principle commerce of civilized nations." —Thomas Jefferson FR Keywords: moneylist, bankinglist, financelist Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. Ping list jointly pinged by rabscuttle385 and TigerLikesRooster. To join the ping list: FReepmail rabscuttle385 with the subject line add  moneylist. (Stop getting pings by sending the subject line drop moneylist.)

[ryan71]

When I go to work tomorrow I'll be sure to take a moment to think of all the foreign countries we provide wellfare to.

Maybe it'll motivate me to work a little harder?

[Dawnsblood]

The US has always offered big money for the heads of Al Qeada and the Taliban. Deliver those and they will have money.

[Jmouse007]

Sorry we gave at the office. Bring us Osama Bin Laden’s head, along with all of his subordinates on a pike and then MAYBE we’ll talk. Until then... “talk to the hand.”

[JennysCool]

Not Pockeestahn!

[Squantos]

Bingo !

[philled]

I have no problem with this. I just think we’ll have to do some non-traditional underwriting on this one. First, the head of bin Laden. Second, your nukes. Finally, a big-ass wall around your perimeter to keep the crazies in.

[max americana]

do we get Osama Bin Laden in exchange for $6 billion?

[MaxMax]

First AIG, then CA, now Pakistan.

[PeterFinn]

No. Pakistan fired on our troops. ‘Nuff said right there.

[lahargis]

Weren’t they just recently shooting at our troops?!?

[1COUNTER-MORTER-68]

[river rat]

Why in hell aren’t the haters of the evil Satan - going to their rich ARAB MUSLIM brothers in Saudi Arabia for a handout?

Why in hell are we always the sucker of first choice???

[marshmallow]

Saudi Arabia might have been a better destination.

To an borrow an old cliche...... "we just had to pay some bills and we're a bit skint until the end of the month........"

[Slump Tester]

They’ll be sure to plant lots more poppies too!

[JrsyJack]

"do we get Osama Bin Laden in exchange for $6 billion?"

We don't want all of him. Just his head and enough DNA to verify he's dead.

[silverleaf]

We ought to buy their nuc arsenal. In its entirety.
We can give every Pocky-stawn-ee a 401K
Then we can take that back later.

[Yo-Yo]

I know a way Pakistan can make a quick $25 Million.

USAMA BIN LADEN

The Rewards For Justice Program, United States Department of State, is offering a reward of up to $25 million for information leading directly to the apprehension or conviction of Usama Bin Laden. An additional $2 million is being offered through a program developed and funded by the Airline Pilots Association and the Air Transport Association.

[VlPu]

Pakistan = proud member of this war
http://www.google.com/search?hl=en&q=%22War+on+Terror+Hoax%22++%22another+fake+war%22

[VOA]

Pakistan in emergency dash to US for credit lifeline - to avoid bankruptcy

Good luck Pakistan.

Back in The Great Depression of the 1930s, elected officials
(e.g., governors of Texas and Oklahoma) used sports to take their
electorate's collective minds off the fact they were poor and
very hungry.

I won't be shocked if wiping out the Pakistan arsenal (nuclear
and otherwise) and turning the western provinces of Pakistan into
mountains of glass wouldn't be a way to bouy the spirits of
the USA.
If we are now entering The Second Great Depression.

If I lived in Pakistan, I'd be VERY afraid if we get a President Obama.
He's already said he'd send our forces into Pakistan.
And heavens knows...Democratic Presidents have to find some sort
of "war" to prove they're actually patriotic. Uh, to the USA, that is.

[B4Ranch]

>Why in hell are we always the sucker of first choice???<

Because our legislators walk around with a price tag on their nose!

[doc1019]

sucker of first choice

Therein lies the answer. ;-)

[cowdog77]

Why in hell aren’t the haters of the evil Satan - going to their rich ARAB MUSLIM brothers in Saudi Arabia for a handout?”
________________________

Same reason their Muslim brothers won’t skim a few acres off for their Palestinian brothers who are suffering so.