After downgrades towards the end of 2011 by Moody’s and S&P and a severe current account deficit, not to mention continued violence, Egypt could do with some good news.
So it may be a relief to investors to learn that IMF talks will resume on January 15 – and that Egypt’s short term debt is being snapped up in auction.
The IMF meeting is a “first step in the process leading to possible financial assistance,” according to IMF spokesman Gerry Rice – which is a long way from saying a deal is on the table, after an IMF offer was rejected in June last year. But it’s a start.
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