Skip to comments.Egypt Debt Buoyed by Obama Guarantee for $1 Billion Eurobonds: Arab Credit [ W T F !!! ]
Posted on 06/14/2011 11:43:52 AM PDT by NoLibZone
President Barack Obama's guarantee on $1 billion of Egyptian Eurobonds is poised to reduce the country's borrowing costs, helping the transition to democracy after six decades of autocratic rule.
The support that Obama pledged last month may cut yields on the five-year debt by 200 basis points, or the equivalent of $100 million, according to the median estimate of five fund managers surveyed by Bloomberg. Yields on Egypt's one-year bills jumped to the highest level since November 2008 following the uprising that ousted President Hosni Mubarak in February. The country last sold international debt in April 2010.
"The American backing is a complete game changer," Michael Cirami, who helps manage $12 billion in assets for Boston-based Eaton Vance Corp., said in a telephone interview. "There may be a spill-over effect that it's going to reduce the risk premium of their non-guaranteed debt and help them re-enter the market eventually on their own."
Obama is offering assistance for the planned Eurobond sale as the International Monetary Fund forecasts Egypt's economy may grow 1 percent this year, the slowest pace since 1992, and Moody's Investors Service says the country's public finances are "significantly" weaker than countries with similar credit ratings. The budget may post its biggest deficit in at least a decade in the fiscal year ending this month, hampering efforts to create jobs and reduce the poverty rate, reasons that sparked the anti-Mubarak revolt, according to the Finance Ministry.
(Excerpt) Read more at sfgate.com ...
He will have to get congress to agree. The house should stpp this - let’s hope so.
I think the Bastard knows he can’t win an election, so he’s getting even with the American People now.
I hate this White hating Black Bastard son of a hippy communist whore.
IMPEACH Obama NOW........
Congress? House? Who needs them? Obama, Hillary and his admin have the UN.
THE NEW CURRENCY OF THE FUTURE PRESENTED TO THE G8 LEADERS
The sample of the first test currency from the international project for a new virtual global currency, given the draft name, United Future World Currency Eurodollar, has been p presented as the exclusive gift to Heads of State and Government at the G8 Summit: Barack H. Obama, Dmitij Anatolyevich Medvedev, Gordon Brown, Nicolas Sarkozy, Angela Merkel, Silvio Berlusconi, Taro Aso, Stephen Harper, Josè Manuel Barroso, Fredrik Reinfeldt.
The final name and symbol for the new currency will be decided in a competition for children in 1000 schools throughout the world, organised by the Museo del Tempo. The first step started from the American School of Milan, and involved 640 students from 46 different countries.
Although the initial aim is to unite the United States of America with the United States of Europe, it will also be open to other Countries.
The example of the Euro, which united Countries with different histories and cultures under the same currency, is a concrete precedent that demonstrates how this project can indeed come to life and gather together nations from several different continents.
In sending his best wishes for the project to its coordinator, Sandro Sassoli, Italian Prime Minister Silvio Berlusconi emphasised that, It is interesting that young students from different countries can get involved in an international project that helps them understand certain aspects of international economic policy, allowing them to prepare for the future monetary union that we hope for.
In 1996, Sandro Sassoli conceived the idea of the UFWC project, having taken advice from Arthur Schlessinger Jr, former advisor to President John F. Kennedy.
An international jury, comprising the heads of the worlds leading mints, economists, Nobel-prize winners, and figures from the world of culture and journalism, will have the task of selecting and rewarding the childrens best work concerning the new currency.
The Royal Mint of Belgium, one of the worlds most prestigious mints, has been the first to issue a test coin for this new currency, a special rare gold edition that will be gifted at the forthcoming G8 Summit. The coin has been designed by Luc Luycx, author of the common side of the Euro coins.
The project will study security and anti-counterfeit measures; meanwhile, experimentation to seek innovative solutions for an intelligent money are also underway.
The currency will also undergo an important public test run at the 2015 Milan Universal Expo.
I agree. Too bad our republic’s collective sack folded up like a 747s landing gear on take off. We should be in the streets over what this guy has done - and according to the Obama doctrine - if the people get in the streets, the leader has to go.
Unless I’m wrong, Congress has spending authority over every single dollar spent by the govt. Someone in that Congress better start screaming NOW.
Of course I’ll believe it when I see it. Bohner won’t do anything but cry about it. My only hope/faith is Alan West or (AZ) Trent Franks.
and forgot to ask anybody so this is why he thinks he can do what he wants.
NWO won't work in the longrun. The terrorists Obama loves and funds won't go for it.
They need America on her knees for it to work and that is what TheWon is obviously doing. I think he needs impeached no more political game playing of letting him slide until 2012 because he is historically black. If he is not impeached he can suspend elections because of kaos of an economic collapse.As tin foil hatted as that sounds it is true.
Agreed. Bachmann,Cain and Paul were over run by CNN’s John Black’s voice when they came close to telling it like it is. BTW:I didn’t know Ron Paul was an obstetrician.People do not want another politician so he and Cain look good.
“And Congress authorizes this when exactly?”
You beat me. I had the same question....particularly since we have NO money!!!!
See my last posts. Congress does not authorize Eurobond Arab UN money.
What is with the authors of this article? Forget that I may go to jail for my thoughts; they probably are good peace loving bomb strapping people like the Fort Hood shooter. Pardon, my bad.
Now Yemen is in the mix along with Pakistan, Afghanistan, Iraq, Libya. And in the midst of all this, he is deliberately attempting to start a war in Israel which will ignite the whole world.
World War combined with economic chaos == No Elections
The guy is working with Dr. Evil-Soros, and they are going to crush what used to be America. Don't know what name we will have in the NWO. But I'm sure we will have 57? 58? 60? States.
Obozo wants to force America to guarantee $1B of debt for a chaotic government with a high likelihood of emerging under Jihadi control in the near future. It’s money we don’t have, supports those with whom we are in a state of war, and has no Congressional authorization. This is how Obozo Wins The Future HE envisions. If he’s relying on some unconstitutional workaround of Congress, we better hear Boehner and the boys raising holy hell, loudly and quickly.
Would our country would be obligated to honor this promise?
DEFUND socialist collectives, foreign and domestic.
It just goes to show we have no Constitution. Only Congress has the power of the purse. Looks like POTUS has taken this power for himself.
Just resign now.
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