The long-awaited winter energy crisis has finally hit…but it wasn’t in Europe after all. On Monday, almost the entirety of Pakistan was left without power when a misguided energy saving strategy by the government backfired. Runaway inflation, a severely weakened currency, and rapidly emptying foreign exchange reserves have left Pakistan on the brink of economic collapse. A significant energy shortage is one of the main drivers of the nation’s current economic crisis. Economists and development experts have been warning for months that Europe would not be the real victim of the European energy crisis.
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