Egypt Requesting a Dance With the Devil

[marshabar1]

The International Monetary Fund has received a loan request from Egypt and an IMF team will travel to Cairo to discuss conditions, a Fund spokeswoman said today.

'There has now been an official request' from Egypt, IMF spokeswoman Caroline Atkinson said in a news conference.

'The Egyptian authorities had indicated that they expected a financing need of some $10 to $12 billion from now through June 2012,' Ms Atkinson said.

'They have approached bilateral and multilateral partners, including the IMF, to provide the financial support for what is their home-grown program.'

She said an IMF team is expected to visit Cairo 'shortly' to discuss with Egyptian authorities the conditions for the aid.

www.rte.ie/news/2011/0512/egypt-business.html

How can poor Egyptians get any poorer? They relied on begging while tourism was thriving. If Mubarrak's poverty reduction program was making any inroads it certainly wasn't apparent. Now with no tourism there is no money coming in and the IMF is poised to take control of how things work in Egypt. "Conditions for the aid" indeed. Talk about squeezing blood from a turnip. This is sickening to see.

[deziloooooo]

May 12, 2011 10:39:27 GMT -5 @marshabar1 said:

The International Monetary Fund has received a loan request from Egypt and an IMF team will travel to Cairo to discuss conditions, a Fund spokeswoman said today.

'There has now been an official request' from Egypt, IMF spokeswoman Caroline Atkinson said in a news conference.

'The Egyptian authorities had indicated that they expected a financing need of some $10 to $12 billion from now through June 2012,' Ms Atkinson said.

'They have approached bilateral and multilateral partners, including the IMF, to provide the financial support for what is their home-grown program.'

She said an IMF team is expected to visit Cairo 'shortly' to discuss with Egyptian authorities the conditions for the aid.

www.rte.ie/news/2011/0512/egypt-business.html

How can poor Egyptians get any poorer? They relied on begging while tourism was thriving. If Mubarrak's poverty reduction program was making any inroads it certainly wasn't apparent. Now with no tourism there is no money coming in and the IMF is poised to take control of how things work in Egypt. "Conditions for the aid" indeed. Talk about squeezing blood from a turnip. This is sickening to see.

If there are identified funds that have been frozen , of Mubarak and other officials in this case, and if after being examined by legal experts who are experienced in these types of topics, illegal funds of past leaders stolen from their country, the ability to identify and return to country of origin or is it to hard to prove ownership of funds by former leaders if fraudulent.

If found a good case of possible going back to, in this case Egypt, then, possible they re used as collateral against any loans, to be repaid if funds are released to the original country.

Naturally, final decisions are going to rest in the hands of the courts were these cases will be tried , judged, possible each country where funds are frozen will have their own litigation, their own views of these proceedings.

It will probably take years.