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 ...
I hope she does, but my faith in her is greatly lessened as of late, to put it mildly. But I’m willing to give her credit when deserved.
He will diss Tx. like he did offering them zero assistance for fires and Mexico border violence. As well as HOW DARE that Tx. reporter actually ask him questions in that past interview and make him look bad.
FUBO and your fake cowboy hat you wore to campaign in Tx.
Agreed the media could not stop Allen West and crybaby just golfs with TheWon they have been waiting for to usher in the anti christ.
It really burns my nether regions that that fatherless communist just gives out billions whenever he feels like it with no care in the world.
It totally and utterly nukes my arse that Congress just stands there sitting on it’s thumb and lets him with no fight at all. And likely, they will again.
Millions unemployed, economy in shambles and he spends and spends. Anyone thinking he isn’t doing this on purpose is insane.
He’s standing with the Muslims in their time of economic distress. No surprise there. He told us he would.
Praying for deliverance from this catastrophe in the White House...
well, this one spawned a round of calls to my senators & congresscritters
if the US budget isn’t below what the fedgov brings in... then we’re increasing the debt.
the fedgov brings in $2 trillion/yr.
they are currently spending $5 trillion/yr now.
and things like that do not help. i’d have to be a special kind of stupid to support this system any further
Seems he made our whole system of government irrelevant to his desires and nobody is willing to do anything about it.
I have no doubt that in some future time, when the history books are written, they will document that this congress could have stopped this crap and did not. I am more upset with them in many ways than I am with Obama.
He’s a socio-communist. He is doing what Socio-Communists do...no big surprise there. But the Republicans are acting like they have Stockholm Syndrome.
Congress the pussified.
Of course he is and anyone that believe he isn’t a Muslim needs to have their head examined.
Well he did admit it:
As long as we are good little boys and girls and keep paying taxes. I’m waiting for a tax revolt. Sooner or later it will come and all hell will break lose.
White hating Black Bastard son of a hippy communist whore
I second that
In a brief search weeks ago I remember seeing media matters in the search denying Obama ever said if the winds of tide change I will stand with the muslims. As soon as I see mediamatters denying something I know it is true.
Let me understand
0dumbo pledged USA as a guarantor for 5 Billion in loans PLUS 0dumbo agreed to forgive a billion that Egypt loaned us PLUS we are giving them 3 Billion in aid to a country that after this fall’s election will be under Muslim Brotherhood control??
No kidding WTF?
We are screwed
meant to say 0dumbo is forgiving a billion that Egyp OWES us
cuz we don’t need money or anything
Does anyone still have doubts that he is deliberately trying to destroy whom the muslims call the big satan and the little satan ?
People need to pay attention to what he is trying to prop up.
...before it’s too late, if it’s not already. Amen.
Obama HAS TO take PA and NC to win again. Will the GOP and American people stop ACORN and moveon.org from cheating for Obama?
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