Financial News - LATEST.

[A-Four]

Last week-end Hany Kadry Dimian resigned his position as First Deputy Finance Minister in Egypt.

Not important news, you might say, (as it seems so, on this site,and others.) however, this man was very important, and highly respected throughout the world, he was also the last financial figure to still hold office from back in the days of the Mubarack era, and perhaps is the only being, other than God, to know how bad Egypt's problems really are.

Up until last week, Dimian was the main negotiator with the I.M.F., to try and secure that $4.8 Billion loan. This man was the only person who knew what he was talking about, when it came to dealing with this huge problem, which, I am sorry to say, will be even more difficult to solve.

In my opinion, Egypt is now entering a very serious situation, many top officials there, are leaving this administration on a daily basis, Egypt will not be able to survive by simply de-valueing the LE, only in a democracy can a government go into administration,.......but, I beg the question,............Is Egypt a democracy ?

As I have previously said,........There may be trouble ahead, but while there's music, love and romance,.............etc,etc.

[LovelyLadyLux]

Interesting tidbit A-Four.

[Kevininabydos]

Finger on the pulse as usual A-four
p.s. I am still waiting for that PM you were going to send :rut:

[Chocolate Eclair]

I really have thought for some time now that Egypt is getting further and further into a tight corner, after reading this that corner has been reached, but in the words of the President "God will Provide"

I personally think that a lot of peoples love affair, normally through rose tinted glasses, or beer bottom glasses will also come to an end. At the moment it is still early days, but the confusion, chaos and heartache that is ahead will override the situation. Sorry for saying that, because I know there are a few die hard's that cannot see the woods for the tree's, but just remember this post.

It will be interesting A4 to see what happens to the ailing Egyptian Pound, virtually useless on the world market now. I remember a conversation between 2 people at the Al Baierat Hotel on Banana Island just over a year ago discussing the devaluation of the Egyptian Pound, and how the President said he would never devalue. Well that resistance to devalue is certainly having its effects now. Like yourself I still feel it will happen, its now virtually inevitable, to help get away from this stagnant economy, that has nothing the back it up of any value.

The thing that makes me laugh is the way people put the prices up to cover the losses, these prices are on top of taxes and alike, its very much like the Petroleum companies. You either have a choice, high prices, low turnover, low profits, or low prices, high turnover, high profits, high unemployment to cope with the increased workload, more taxes being paid, developing Country. Wonder which the locals prefer? at the moment they are barking up the wrong tree.