Topic: Masood Ahmed
Egypt's economic problems do have a possible solution: politics. But Egypt's politicians are failing.
A day after President Mohamed Morsi reshuffled Egypt's cabinet, an IMF representative was in Cairo to discuss a $4.8 billion loan. But the cost of that needed cash appears steep.
Leading bank HSBC said that a $4.8 billion International Monetary Fund loan is 'the only thing' preventing Egypt from a currency crisis brought on by post-revolution political upheaval.
The IMF wants assurances that the political leaders who emerge to run Egypt after elections next month will be on board with the financial requirements underpinning a proposed $3.2 billion loan.