Zimbabwe Stock Market Crashes 35% As “Euphoric” Nation Awaits New Leader

Wednesday, November 22, 2017
By Paul Martin

by Tyler Durden
Nov 22, 2017

Despite reported “euphoria” in the nation as former Mugabe deputy Emmerson Mnanagwa was expectd to arrive and be sworn in on Friday, Zimbabwe stocks fell another 10% today, having now erased more than third of the country’s market cap in the last few days.

Several hundred people gathered in anticipation of his arrival. Some carried signs with images of him, suggesting a certain level of organization behind the jubilant turnout.

Signs read “Welcome back, our hero” and “True to your word, you’re back. Welcome.”

As The Washington Post reports, the morning after ecstatic celebrations over the resignation of the long-ruling President Robert Mugabe, the people of Zimbabwe awaited Wednesday the arrival of his former vice president, expected now to become the interim leader.

Emmerson Mnangagwa, believed to be in South Africa, was expected to arrive in the afternoon and then be sworn in Friday as the country’s second president since independence from Britain in 1980.

Mnangagwa is a longtime Mugabe ally, nicknamed “the crocodile” for his reputation for shrewd but often brutal tactics as the president’s enforcer. But when the 93-year-old Mugabe fired him earlier this month — likely to ensure the succession of Mugabe’s unpopular wife — the military moved in.

Even as the sense of euphoria in Zimbabwe lingers, the question looming over everyone is whether Mnangagwa will be an improvement over Mugabe’s nearly four decades of misrule that impoverished the once affluent country.

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