Latvia is the newest victim of the credit crunch. This is not official. No formal application has been made for an IMF bail-out package, nor has it made the front pages of any major newspaper of record on the continent. That said, with the economy contracting by 4.2% in the third quarter (down from 10.1% [Read more...]
California could be on the brink of an economic crisis, according to the LA Times. The paper is reporting that Governor Arnold Schwarzenegger has warned Treasury Secretary Hank Paulson that his state may soon need a US$7.0 billion emergency loan from the federal government to meet payments to state entities such as schools.
The LA Times [Read more...]
I am hard-pushed to think of many countries (except for extreme places like Zimbabwe, North Korea, the USA et al) that are facing such tremendous difficulties as Pakistan right now. As far as I can see, Pakistan seems to be on the brink of a debt crisis, and will have to secure foreign financing if [Read more...]