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An IMF technical delegation will arrive in Egypt Wednesday to discuss a $4.8B loan. Political...

An IMF technical delegation will arrive in Egypt Wednesday to discuss a $4.8B loan. Political and economic crises have hurt tourism and drained foreign currency reserves, with the latter affecting the government's ability to import wheat and fuel. Egyptian pound forwards hit their lowest levels on record in March and the M2 money supply rose 15.4% for the year ended February.
Comments (6)
  • Lakeaffect
    , contributor
    Comments (994) | Send Message
     
    I don't get it. A 15% increase in money supply and there isn't enough for the Government to import fuel and wheat to give to the masses? What's going on? I have been told these wonderful experiments in central planning and money printing are fail proof!

     

    Oh well, a loan from the IMF will fix it all.
    31 Mar 2013, 11:13 AM Reply Like
  • RSI Raistlin
    , contributor
    Comments (400) | Send Message
     
    I love it the IMF (aka us) will be bailing out the Muslim Brotherhood, who in turn likely sponsors anti-american organizations. The tangled webs we weave.
    31 Mar 2013, 11:22 AM Reply Like
  • justaminute
    , contributor
    Comments (581) | Send Message
     
    It's really no different than in the US. The US spends billions supporting groups who turn around and vote against the best interests of the US all for the never ending stream of entitlements, "rights" and specific "favors" that will be bestowed on them, thereby fundamentally transforming the country from a society that promotes individual exceptional-ism to one of social network factions that wish to be pandered to since they shout the loudest.
    31 Mar 2013, 01:41 PM Reply Like
  • davidbdc
    , contributor
    Comments (3149) | Send Message
     
    I have bad news for Egypt. Tourism is probably shot for a long long time.

     

    Openly and rigid Muslim countries aren't going to attract those in search of an enjoyable relaxing vacation. History buffs will risk it for a short trip to the pyramids, Alexandria, or Luxor. But thats about it.

     

    I've been to Egypt four or five times over the years but unfortunately don't see a trip to Luxor very likely any time soon.
    31 Mar 2013, 06:26 PM Reply Like
  • Tack
    , contributor
    Comments (12967) | Send Message
     
    david:

     

    Now, you can get twice as much for your money. Your head and body can take separate sightseeing trips on the same day.
    31 Mar 2013, 07:05 PM Reply Like
  • davidbdc
    , contributor
    Comments (3149) | Send Message
     
    No thanks.

     

    And its too bad. I've never been to Luxor and have always wanted to make a trip just to see it and the surrounding areas. I'll never forget a day trip I took from Cairo about two-three hours south to see some pyramids and climbed up and into one (not too much to see just some empty rooms but still pretty neat). Also remember seeing camel trains carrying all kinds of agricultural products. And my all time best taxi story was outside Cairo on a 5 lane highway - guy missed the exit - it was nighttime - he figured out he missed the exit about 500 meters past the exit - turned around - yes turned around and drove against traffic in the right hand lane all the way back to the exit - I thought that might be my last day for about a minute or two. When we got to the place he turned smiled and asked for a tip!!! (we had agreed on a price at the airport).

     

    Even then Egypt was a "tough" country to visit. Not one of the friendliest places I've ever been and the infrastructure was so-so. Now there is zero chance I'll be heading back.
    31 Mar 2013, 07:18 PM Reply Like
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