Now that America-hating Islamists control three-quarters of Egypt’s parliament and the military government has rejected American protests at the prosecution of U.S. citizens for supporting democracy, Egypt is asking for $11 billion in Western aid. That has to be the least popular idea to float down the Potomac in a long time. Nonetheless, the Obama administration and its supporters in the Punditeska doubtless will ask American taxpayers to ante up a large part of the $11 billion handout, in the interest of “promoting Egyptian democracy.” Only in America do we feed the mouth that bites us. CPI Financial News reported on Sunday:
Mumtaz El Saeed, Egypt’s Finance Minister, says the country needs $11 billion to help it get through the next fiscal year, as well as help with economic reforms, according to a report in Al Ahram, a local newspaper.
This comes as rating agency Standard & Poor’s lowered its long-term foreign- and local-currency sovereign credit ratings on the country to ‘B’ from ‘B+’; with a negative outlook.
S&P said that Egypt’s external position has deteriorated and is likely to weaken further, absent stabilisation in the domestic political situation alongside external financial support.