“Last week when we paid civil servants there was $217 [left] in government coffers,” Tendai Biti told reporters. “The government finances are in paralysis state at the present moment. We are failing to meet our targets.”
So it seems. However, Zimbabwe is hardly a stranger to financial hyperbole. The economy started to come apart at the seams in 2000, when President Robert Mugabe seized the land of over 4,000 white-owned farmers, effectively dismantling the country’s agriculture industry. Over the course of the next decade, the country spiraled into an extended period of hyperinflation, the likes of which the world almost never sees. It peaked in August 2008, when inflation reached 11,200,000 percent and economists around the world started to say that the country’s situation was hopeless. Prices were doubling by the day, and the government had to print 100 billion Zimbabwean dollar notes. The following year, they went ahead and printed Z$100 trillion notes, just before deciding to chop 12 zeroes off of the currency. A new coalition government formed that year began the long process of recovery, a process that is clearly going to take a little longer.