End Times and Current Events

http://news.yahoo.com/analysis-egypt-may-15-bln-imf-avoid-crunch-115106085.html

12/23/11

Analysis: Egypt may need up to $15 bln from IMF to avoid crunch

CAIRO (Reuters) - Egypt has little choice but to return to the IMF to help it find up to $15 billion to stave off a full-blown financial crisis, but the ruling army seems to be stalling to avoid blame for approaching a foreign institution for cash on its watch.
 
The $3 billion facility from the International Monetary Fund (IMF) that Egypt negotiated then rejected in June may no longer be enough to manage an orderly currency devaluation and get a growing budget deficit under control, economists say.
 
Adding to woes of an economy hammered by months of turmoil and violence, credit rating agency Moody's downgraded Egypt by a notch this week and warned a further cut could be on the way because of political uncertainty.
 
"It's not enough, because when the $3 billion was negotiated in June, the situation was very different," said Said Hirsh, an economist with Capital Economics.

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http://news.yahoo.com/egypt-sells-more-91-day-t-bills-offered-135529577.html

12/25/11

Egypt sells more 91-day T-bills than offered

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CAIRO (Reuters) - Egypt's central bank sold more 91-day treasury bills than originally offered at an auction on Sunday but trimmed the amount 266-day T-bills sold, the Finance Ministry said on its website.
 
The bank sold 3 billion Egyptian pounds of 91-day bills compared to the 2 billion it offered, with the average yield remaining steady from last week at 13.95 percent.
 
It sold only 1 billion pounds of 266-day T-bills, short of the 3.5 billion pounds it had offered, with the average yield rising to 15.26 percent from 15.144 percent at the last issue on Dec 13.
 
The bank sells T-bills on behalf of the Finance Ministry.
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