Egypt Debt Downgraded Before Christmas - Same as Greece.

[Hafiz]

It happened before Christmas but it is having its effect on the Egyptian pound now.

Standard and Poors has Egypt at the same credit rating as those insolvent and insolent Greeks.

http://www.reuters.com/article/2012/12/ ... DR20121224

http://www.bloomberg.com/news/2012-12-2 ... nrest.html

To be downgraded is unfortunate but to be compared with the Greeks is shameful.

Europe and the IMF have thrown hundreds of billions of Euros at these 12 million indolent sons of Apollo and the international banks have written off at least a third of their loans to Greece. After all this the Greeks can’t even pay the interest on the remaining principal and taunt their Germans paymasters with sieg heils.

Meanwhile over 80 million not very well off Egyptians wait, cap in hand, for a $US4.8 billion loan from the IMF. The Egyptian government is very responsibly saying that it will pay all its debts, which is a good thing because I don’t think any one will offer to do it for them. No one in Egypt is throwing stones at the IMF.

There should be some special Standard and Poors rating which separates deserving from entirely undeserving debtors.