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View Full Version : Egypt Bleeding Money, Foreign Reserves Down 50 Percent in Last Year



Conley
02-07-2012, 02:27 PM
Egypt’s central bank says the country’s net international reserves dropped by more than $1.7 billion in January, continuing a slide that began in January 2011 with the uprising that ousted former President Hosni Mubarak.

Figures posted on the bank’s website Tuesday showed the foreign reserves stood at $16.35 billion, compared to about $18.1 billion at the end of December. The reserves are now almost 55 percent below their level at the end of December 2010.

http://www.washingtonpost.com/business/economy/egypts-net-international-reserves-fall-17-billion-in-january-down-54-pct-since-end-2010/2012/02/07/gIQAtcgMwQ_story.html

That country is headed toward disaster. Civil war wouldn't be unlikely and their economy is obviously nosediving. Having seen these numbers it makes their treatment of the Americans and international workers even more foolish.

MMC
02-07-2012, 02:32 PM
Which is why they ran to the IMF requesting 3.2 Billion in a bailout! Then we gave them 25 million for this Election. Which they then came back and said they needed 80 million more.

My question is.....why aren't they using their own damn money for their own damn elections?

Conley
02-07-2012, 02:44 PM
Which is why they ran to the IM requesting 3.2 Billion in a bailout! Then we gave them 25 million for this Election. Which they then came back and said they needed 80 million more.

My question is.....why aren't they using their own damn money for their own damn elections?

Well why use your own when you can use someone elses?

But I don't see where they are going to get the money going forward. Their country is a shambles now with no clear leadership to put them on the right track.