Zombie Oligarchs
by Simon Johnson | May 1st, 2009 | 04:15 pmAt this stage in any economic stabilization process, the state-sponsored lifeboat for oligarchs starts to get a little crowded. Governments don’t have enough resources to save everyone, and not all major borrowers can have their debts rolled over. In emerging markets, it’s usually the shortage of foreign exchange that sets a limit on government largesse [...]