Afghanistan facing insolvency within a month.

 

Begin forwarded message:

From: Manuel Sotil <msotil@gmail.com>
Date: June 17, 2011 8:32:28 PM EDT
To: ReporterNotebook <RePorterNoteBook@gmail.com>
Subject: Afghanistan facing insolvency within a month.

Just when we thought that the American misadventure in Afghanistan was about to hit the bottom of the barrell, surprise! 

We learn that the Kabul Bank has been looted by managers and stockholders, who apparently enjoy the protection at high levels of the Karzai government.

The Afghan government will struggle to pay its bills "within a month" after the International Monetary Fund rejected proposals for resolving the Kabul Bank scandal, western officials have warned.

Of the nearly 1 billion US dollars looted, authorities have been able to retrieve only 61 million.

The rest has been allocated by the recipients of the munificent and illegal soft loans to purchase properties in Dubai, an airline and similar big ticket items.

The Karzai government has nationalized the bank. But there is no money to pay expenses.

Afghanistan is in effect bankrupt.

Colin Powell told Bush before the Iraq invasion: "if you break it, you own it" . So it applies to Afghanistan. 

We cannot just pretend that everything is fine, declared mission accomplished and tip our hat good bye. Or can we?

http://www.guardian.co.uk/world/2011/jun/17/afghanistan-insolvency-within-month

Manuel Sotil

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