I know everyone is focused on other things but being curious what is happening behind the scenes I searched a bit how things are in a country where functionality was more or less was impaired in the past two years or so and the reserves have been running down.
URL="http://www.bloomberg.com/news/2013-03-21/moody-s-pushes-egypt-rating-lower-into-junk-on-political-divide.html"]http://www.bloomberg.com/news/2013-03-21/moody-s-pushes-egypt-rating-lower-into-junk-on-political-divide.html[/URL]
Tourism is basically dead it used to provide about 11% of GDP most likely far more. Egypt tourism faces blow, may only be short-term | Reuters
Egypt's economy is still a mess | GlobalPost
URL="http://www.bloomberg.com/news/2013-03-21/moody-s-pushes-egypt-rating-lower-into-junk-on-political-divide.html"]http://www.bloomberg.com/news/2013-03-21/moody-s-pushes-egypt-rating-lower-into-junk-on-political-divide.html[/URL]
Egypt has been in loan talks with the International Monetary Fund for more than two years and its foreign reserves have plunged more than 60 percent since the 2011 uprising. The government is “exerting the utmost effort” to complete a $4.8 billion IMF agreement by the start of next fiscal year in July, Planning and International Cooperation Minister Ashraf el-Arabi said yesterday.
Egypt’s rating “indicates that the probability of default has risen materially but that the risk of default is not necessarily imminent,” Moody’s Byrne wrote in the report. At Caa1, the average cumulative default rate over one-year is close to 10 percent and slightly under 40 percent over five-years, he added.
Egypt's economy is still a mess | GlobalPost
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