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Zimbabwe is broke after defaulting on its debt obligations and effectively cutting off its access to new capital. Note the word here is ‘broke’ as opposed to ‘bankrupt’, which is used in reference to companies that have to sell their assets to pay liabilities and distribute whatever little is left to shareholders.
In Zimbabwe, the joke is that every citizen is a millionaire today. When its currency collapsed, its value shrunk fast and at one point the Reserve Bank of Zimbabwe printed a Zimbabwean $100 trillion bill, at the time just worth US$10.
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