Monday, 7 January 2013
The story below is about Egypt's attempts to have its debt to the U.S. forgiven. Why? Why should the long-suffering Americans pay for Egypt, a country whose population has quadrupled, heedlessly, in the last fifty years? Why should the long-suffering Americans pay to help rescue a Muslim-Brotherhood-run country?
Why can't Qatar, Kuwait, the Emirates, Saudi Arabia, swimming in trillions of dollars, be asked to pay for their fellow members of the Umma, the Community of Believers? Why should Unbelievers -- Americans, British, French, the rest of the EU -- pay and keep paying to allow the Muslim Arab states to double or quadruple their populations, to build up their military (why does Egypt need vast amounts of American military aid? To be used against whom?)-- watch, helplessly, hopelessly, as their governments, not knowing what they are doing, keep shelling out money, through direct aid, and through debt forgiveness. It makes no sense. Why is the non-Muslim world keeping afloat those parts of the Muslim world that forgot to be born with oil and gas under their soil? It makes no sense.
Here's the infuriating story:
Negotiations ongoing with US to drop Egypt's debt: Planning minister
Ahram Online, Monday 7 Jan 2013
Egyptian government's negotiations with United States on debt swap are continuing, Planning Minister Ashraf El-Arabi says
Egypt is continuing to negotiate with the United States over a debt swap programme, Minister of Planning and International Cooperation Ashraf El-Arabi has said.
Egypt aims to convince the US to swap foreign debt for assets, and to drop over $1 billion in "odious" debt, the minister explained.
El-Arabi dismissed reports that negotiations with the US to drop Egypt's public debt had been halted following the Egyptian government's request to postpone a $4.8 billion loan agreement with the IMF earlier in December.
"We are very close to reaching an agreement with the US on dropping $450 million worth of debt. However, our counterparts are inclined to tie this agreement to the success of the IMF loan deal," El-Arabi told Al-Ahram's Arabic website.
"The debt swap programme will also aim to substitute $550 million of sovereign debt for developmental projects," explained El-Arabi.
A ministry source noted that a US delegation would visit Egypt soon in order to negotiate terms of the proposed debt swap programme and audit Egypt's overall public debt.
Egypt had previously sealed agreements with three European countries – France, Germany and Italy – pertaining to the implementation of similar debt swap programmes.
Posted on 01/07/2013 9:50 AM by Hugh Fitzgerald
7 Jan 2013
OK, Britain could swap debt for assets. I don't know if they owe Britain much money, but if so we should accept the Suez Canal in exchange; especially as Britain and France paid for it, making us the rightful owners, even though Nasser then stole it for his own pernicious use.
Revenue from the canal in 2011:- US $5.2 billion!!
Return on our vast investment on construction:- Zero.
It makes Ali Baba's 40 thieves look like paragons of rectitude.
8 Jan 2013
The Emir of Kuwait must read this site. The BBC has a news item on it today (Tuesday) that Kuwait is lending Egypt $2bn and granting it $.5bn.
18 Jan 2013
the least they could do after supporting the dictatorship of Hossni Mubark. The U.S and Britain have a lot to do with the mess that Egypt and many Middle Eastern countries are in. So yeah THE LEAST they can do is that. U.S. government involved itself in that mess when it should have not