Sunday, August 14, 2011

Cash is only for strictly following orders

"After earning international praise over the last two years for its financial reforms, the Palestinian Authority is facing its worst cash crunch in years, just as it hopes to prove to the United Nations that it deserves recognition as an independent state.  Palestinian banks, which lent the authority about $200 million to cover shortfalls, have stopped making new loans. Donations from the Arab world have plummeted in recent months.  To conserve cash, the authority, which is facing a $35-million monthly shortfall, said it will have to slash yet-unspecified expenditures and services."