Pakistan is set to become the world's next 'zombie' country after crisis-wracked Lebanon, as a large part of the population and businesses have tired of the shenanigans of a corrupt, self-serving elite and are seeking a permanent exit from the country.
The ongoing episode of distress in parts of the United States banking industry, caused by the rapid rise in interest rates, has renewed focus on “zombie” banks — barely surviving, financially undead institutions that have large unrealised losses sitting on their thinly capitalised balance sheets. The term has previously been used for firms that are financially unviable but have been kept alive by repeated government bailouts, akin to our state-owned enterprises.
Much like zombie banks and firms, can there be “zombie” countries? Countries where state breakdown is advanced, where the economy has collapsed, which cannot service their debts and obligations to foreigners, and which can only meet their essential import needs b...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
