Even with the credit crunch striking all corners of the globe, few countries are in as dire financial trouble as Zimbabwe.
The country's annual inflation hit a record 231 million per cent and prospects for rescuing the ruined economy dimmed yesterday after the opposition said no progress had been made on forming a power-sharing cabinet.
Opposition leader Morgan Tsvangirai said he had made compromises on many issues but both sides remained divided on sharing ministries. He was nonetheless still hopeful of eventual agreement.
'We are part of this deal and very confident about this deal. There is nothing wrong with the deal, but in the process of implementing the deal we have reached an impasse, not on the fundamental points of the deal,' he told a news conference.
'It's ridiculous to say the deal has broken down because of this failure to agree on posts. Having a good agreement with a bad guy (Mugabe) is always something else.'
Tsvangirai, leader of the Movement for Democratic Change, spoke hours after record inflation figures were issued. The yearly inflation figure raced to 231 million percent in July from 11.2 million percent in June.
A loaf of bread which cost 500 Zimbabwean dollars when the central bank redenominated the Zimbabwe dollar on August 1, now goes for at least Z$7,000.
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