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 give up.
Obama is deliberately working to ruin the US Economy.
No president should be able to spend money like that.
How about Saudi Arabia guarantee the bonds?
And Congress authorizes this when exactly?
Obama is not a Muslim?? I have this bridge....
I agree and want to see the cite for that power which he does NOT have.
Unless of course, it is his personal guarantee.
This fits very nicely with the ultimatum to Israel.
What, exaactly, did he use to ‘guarantee’ these “Eurobonds”, and what kind of Eurotrash, crackhead, morons would believe/accept said guarantee?
Obama has lost his freaking mind! WTF!!! He protects the rights of dead and alive terrorists and funds them!!!
I N S A N E! He has to be an enemy of the state! I mean c’mon enough is freaking enough!
He pledged Greece money (And I know it is true because his online mediamatters freaking garbage Soro’s funded media center said the ‘right wing media’ made it up)
And now he gives the muslim freaking Brotherhood even more money!!!
IMPEACHMENT TIME HE MUST RESIGN!
IMPEACHMENT TIME HE MUST RESIGN!
How about they back it up with some collateral of oil or some free Suez Canal passes?
"No president" has the legal authority to spend a dime without Congressional authorization.
I guess Egypt is too big to fail.
Good thing we go plenty O money to flush done the loo. /sarc.
America is now a government of, by, and for
The Impostor’s 57 States.
The [ W T F ] is for winning the future right?
He is pledging money we don’t even have or know about?What else is new? He must have pulled this money from the NWO money tree- The NWO world currency?
Where have you heard the term “Unity In Diversity,” before?
His campaign slogan maybe when he held a campaign at a certain memorial in Az. maybe?
They also Twitter their Weiner when not doing much else.
I was wondering about that...doesn’t the House control the purse strings on such a matter?