You can tell a lot about the changing mood toward a country by the titles of economic reports about it. "Pakistan Arrives," announced UBS in September. "Opening the door to Pakistan," said Deutsche Bank in June. "Fast growth on the frontier," opined Merrill Lynch in December. This is quite a turnaround. In the late 1990s, Pakistan was a pariah in the investment world, breaking a sovereign guarantee to a foreign investor in a power project and scaring off direct investment or portfolio inflows with nuclear testing. The arrival of a new military government via a coup in 1999 didn't fill people with much optimism, either.
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