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 ...
As we have seen Obama is not playing by anyones rules. He does and speaks what he wants and let the congress, if we’re lucky, and politics wrestle with it ‘after the fact’..... By then it’s too late to retrieve the money or that dedicated to whatever and where ever he determines.
Yo Obama it’s his personal cash flow or markers to do what he wants...and it’s going to get worse with much more being passed across the ocean to 3rd world countries.
Apart from the election there is nothing to stop Obama. He just works around whatever he has to...and with zip concern on us or our country. After he looses he’ll be out of the USA...likely has a beach somewhere secluded all lined up.
Not until Obama has milked every last cent out of us and this country...he's not finished yet. He'll continue to "funnel' monies out of our country via various organizations and companies etc. He's a globalist and playing in their ballpark...not ours...we're just the bank he's going to milk dry.
West is promising, but his vote/handling of Obamacare concerned me some.
“How about Saudi Arabia guarantee the bonds?”
they didn’t want mubarak to go
“I killed Osama so now I can do any stupid thing I want to help the islamofascists!”
And Congress authorizes this when exactly?
A couple billion here, a couple billion there, that is almost what Michelle will be spending on her Africa trip—maybe she can just drop the money off on her way over there to play in the casbahs.
Impeach your lunatic krypto-musslim POTUS .
Obama went to the last G8 preaching for the bailout of islamism...err the bailout of the “arab revolutions”.
That croock want to ruin USA and Europe... You should know that the jeopardy in the arabo-muslim world is strongly increasing the muslim immigration in Europe...and destroying our culture...
Stop quickly that bad joke and little thug called obama....cause the civil war and ethnic cleansing could be terrible
US economy ?
Not only ! That’s also the european economy (see the last G8 where obHamas asked for the arabo-muslim bailout)
This must be nailed and aired.
Obama’s agenda is evident and it’s scarry .
It should trigger off an uproar and need straight and consistent exposure
Since we decided to sit down and shut up when other presidents flouted the Constitution.
Great....now Zero is funding the Muslim Bros. Oh, wait, they are called the Freedom and Justice Party now. Doesn’t their new organization name sound so warm and fuzzy?! Who could ever be against freedom and justice?
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