Tuesday, May 21, 2013

Egypt Credit Downgrade: CCC+

From the Financial Times:

The S&P report described Egypt’s outlook as “stable” because of the willingness of the international community to prop it up. Qatar recently committed to giving Egypt $3bn in financial aid. A $2bn Libyan deposit in the country’s central bank last month papered over the unhealthy state of its foreign currency reserves, which have dropped from $36bn at the start of Egyptian revolution to $14.4bn at the end of April.

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