Pak seeks 10-billion to avoid bankruptcy

Tareen, a suave former banker, was appointed this week to spearhead the last ditch bid to avert the possible bankruptcy after it was revealed that state reserves had halved since democratic elections were held in March this year and a coalition government led by the Pakistan People8217;s Party was formed.

8220;Tareen 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,8221; the report said.

Pakistan8217;s middle class shifted massive amounts of capital overseas as a crisis of confidence in Pakistan8217;s long term future took hold following the assassination of former prime minister Benazir Bhutto last December, the report said.