Agony of Kenya's dark days of collapsing banks, scandals

Trade Bank depositors queue for a refund of their deposits at the bank's valley road offices in Nairobi in April 1994. [File, Standard]

Kenya is in a deep financial hole. The country is in a place it has not been for the last 60 years. And as financial experts and policy makers agonise how to extricate the country from the current mess where even paying workers' salaries and servicing debts is a nightmare, a glance into the past offers some perspectives.

This was in 1993 when banks went bankrupt, the government was forced to liquidate some, while auditors developed ulcers and top bank managers were forced out of office.