Thread Killer Posted September 4, 2009 Share Posted September 4, 2009 http://news.bbc.co.uk/2/hi/business/8238111.stm The International Monetary Fund is making loans worth $500bn (£305bn) available to Zimbabwe for the first time in a decade.But the way in which the deal has been received is exposing further divisions in the fragile unity government. The former opposition MDC has been criticised by President Robert Mugabe's party Zanu PF of not doing enough to secure donor funding for the country. And the MDC has accused Zanu PF of continued human rights abuses. Might as well set fire to the money the chances they will get any of that back Quote Link to comment Share on other sites More sharing options...
Timm Posted September 4, 2009 Share Posted September 4, 2009 http://news.bbc.co.uk/2/hi/business/8238111.stm Might as well set fire to the money the chances they will get any of that back Hmm. This could be a shrewd move by the IMF. Half a billion dollars is small change if its effective loss draws attention to the issues. Quote Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted September 4, 2009 Share Posted September 4, 2009 frying pan and fire come to mind Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted September 4, 2009 Share Posted September 4, 2009 The figure stated by the BBC is 500 billion. Surely that figure must be wrong 500 billion. Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted September 4, 2009 Share Posted September 4, 2009 Oh for crying out f**king loud!!!!!!! The title says 'millions', the text says 'billions'... both on the Beeb and here on HPC. Does no one bother proof-reading any more? :angry: Quote Link to comment Share on other sites More sharing options...
tedies friend Posted September 4, 2009 Share Posted September 4, 2009 The figure stated by the BBC is 500 billion. Surely that figure must be wrong 500 billion. No its 500 billion Zim bucks, payments start Jan 1st, the govt are going to use the money to buy a new pencil Quote Link to comment Share on other sites More sharing options...
dr ray Posted September 4, 2009 Share Posted September 4, 2009 http://news.bbc.co.uk/2/hi/business/8238111.stmMight as well set fire to the money the chances they will get any of that back They should just give them the templates and tell them to print their own Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 4, 2009 Share Posted September 4, 2009 (edited) Oh for crying out f**king loud!!!!!!!The title says 'millions', the text says 'billions'... both on the Beeb and here on HPC. Does no one bother proof-reading any more? :angry: I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn. That's hyperinflation for you. Edited September 4, 2009 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
uptherebels Posted September 4, 2009 Share Posted September 4, 2009 No its 500 billion Zim bucks, payments start Jan 1st, the govt are going to use the money to buy a new pencil So that's about £1.20 then. Quote Link to comment Share on other sites More sharing options...
Timm Posted September 4, 2009 Share Posted September 4, 2009 I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn. That's hyperinflation for you. Very good. Quote Link to comment Share on other sites More sharing options...
dr ray Posted September 4, 2009 Share Posted September 4, 2009 (edited) http://news.bbc.co.uk/2/hi/business/8238111.stmMight as well set fire to the money the chances they will get any of that back Wasn't it just a couple of months ago that it was revealed that the wife of one of the ZanuPF politicians was trying to sell £300 million in gold bullion into the London market. I presume the IMF are willing to accept this was her personal property. Correction: it was $90 of gold she tried to flog Second correction $90 million !! Not just the beeb then Edited September 4, 2009 by dr ray Quote Link to comment Share on other sites More sharing options...
Timm Posted September 4, 2009 Share Posted September 4, 2009 Wasn't it just a couple of months ago that it was revealed that the wife of one of the ZanuPF politicians was trying to sell £300 million in gold bullion into the London market. I presume the IMF are willing to accept this was her personal property. http://www.alertnet.org/thenews/newsdesk/IRIN/1e617b6995fc5c3d2019959afa68dc91.htm' rel="external nofollow"> Correction: it was $90 of gold she tried to flog I guess she had heard that we were printing money too, and figured £300 million was therefore a fair price for a 9ct wedding band. Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted September 4, 2009 Share Posted September 4, 2009 I don't think you appreciate how fast inflation works in Zimbabwe at the start of writing the article it was a $500m loan by the time they had finished writing it had become $500bn.That's hyperinflation for you. PS The Beeb have changed the article - it's now 500 million from start to finish. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted September 4, 2009 Share Posted September 4, 2009 Correction: it was $90 of gold she tried to flog From Link: Gono's governorship of the central bank has seen the inflation rate reach 6.5 quindecillion novemdecillion percent, while Tomama has frustrated the release of detained MDC activists, contrary to the terms of the unity agreement. Quote Link to comment Share on other sites More sharing options...
dr ray Posted September 4, 2009 Share Posted September 4, 2009 So that will be 400m for Mugabe - Swiss account, 99m for Mugabe cronies - Swiss account, 1 m for the economic recovery. Money well spent. If this QE lark worked Zimbabwe should be bailing us out by now. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 4, 2009 Share Posted September 4, 2009 If this QE lark worked Zimbabwe should be bailing us out by now. Why do you think we've lent them the money, just think how much money they can lend the rest of us when you multiply fractional reserve banking and hyperinflation. Quote Link to comment Share on other sites More sharing options...
southmartin Posted September 4, 2009 Share Posted September 4, 2009 No its 500 billion Zim bucks, payments start Jan 1st, the govt are going to use the money to buy a new pencil If they added another 200 billion, maybe they could get one with a rubber on the end? Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted September 4, 2009 Share Posted September 4, 2009 If they added another 200 billion, maybe they could get one with a rubber on the end? It's Friday afternoon, I'm working from my local pub, and I think that I completely misunderstood that sentence the first time that I read it. Quote Link to comment Share on other sites More sharing options...
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