(Bloomberg)
Failed Treasury Auction Portends Egyptian Disaster -- Asia Times
Investors bought less an a third of the 3.5 billion Egyptian pounds (US$580 million) worth of Treasury bills offered to the market on January 22, a red flag warning that Egypt's foreign exchange position is close to the brink.
Yields on Egyptian government debt maturing in nine months jumped to nearly 16%, but the government could not place its local-currency debt to Egyptian investors, even at that exorbitant rate.
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My Comment: With an Islamic government in place determined to enforce Islamic law .... a tourist industry that has collapsed .... other parts of the economy in free-fall .... couple this with political instability between the military and the Muslim Brotherhood .... who would want to buy Egyptian securities. My prediction .... and it is not a hard one .... Egypt's economy is going to continue to implode, unemployment will go up, inflation will increase, and government funds to pay for services will get tighter.