Egypt declines World Bank loan as incompatible with national interest; warns U.S. of violating Egypt’s sovereignty by dictating conditions for loans

Stacy Summary:  A story I missed until I read it on @saifedean’s twitter feed.  He thinks it’s just posturing.  What do you think?

Last week, The Wall Street Journal said Egypt was wary of the United States’ recent offer of financial support, doubting possible ulterior motives behind it.

It also said Abul Naga had lodged a complaint with the US Embassy in Egypt, and warned of violating Egypt’s sovereignty by dictating conditions for loans. The complaint came in response to an announcement by the United States Agency for International Development that it would grant Egypt US$165 million to finance projects for education, civic activities and human rights.

79 thoughts on “Egypt declines World Bank loan as incompatible with national interest; warns U.S. of violating Egypt’s sovereignty by dictating conditions for loans”

  3. Al Kyder

    I dont tink it is posturing stacyherbert.

    The Egyptians have probably realised that debt can no longer be considered s a risk free asset. Those offering money are not what I would call AAA lenders. America being a nation of junk consumers, and the European Union being a nation with many junk members.

    The Egyptians are also aware of how the Arab Spring crossed the Mediterranean and started fires in Iberia, Donate to hot spots spain. I’d love too. Any Idea’s how we East Asians can do that ?

  8. alanborky

    Stacy, maybe they just don’t fancy this scene:

    Lloyd Blankfein, “Honey, wha’d'you think? Right alongside the Giant’s Causeway in the rockery at the bottom of the garden, the Great Pyramid and the Sphinx…?”

  9. alanborky

    @SilverPorno

    Pardon my French, guy, but f*cking hell that was funny!

    Even as I’m try’n'o write this down I’m absolutely pissin’ meself; and every time I start calming down enough for the curtain of tears to dry up enough for me to finally see what I’m actually doing, suddenly one of those drawings flares up in my mind and I’m off again!

    The biggest joke was at first I just thought he was absolutely f*ckin’ awful but then it began to dawn on me he was actually takin’ the piss out those poor girls!

    What a complete swine – but a f*ckin’ hilarious one!

  12. SilverPorno

    @alanborky

    EXACTLY!

    I just start pissing myself at the merest thought of some of those images. The thing is, even though he is taking the piss (well, I doubt if he’s getting many dates!) the drawings are really brilliant – there really is more than a hint of genius there. The more I look at them (and can see what I’m looking at through the tears) the more impressive they are to me – he’s really captured something amazing there.

    Check out more of his stuff by clicking through the comments pages. Yes, there’s more… you have been warned…. ;)

  13. 8Ball

    A US Senate report of August 1977 suggests how the IMF would be calibrated to undermine Third World countries’ efforts for self-determination and implant in its place Trilateral hegemony over the Third World. “Once the public and private lenders join forces, deficit countries will be left with no alternative sources of financial assistance: there will be no escaping IMF conditionality, little choice but to accept whatever terms the IMF and private banks choose to lay down.”

    From the staff report of the Sub Committee on Foreign Economic Policy of the Senate Committee on Foreign Relations titled: “International Debt, the Banks and US Foreign Policy”

    This is a public document available for anyone who wants research it. Wake up Egypt and peoples of the world, the plan has been hidden in plain sight for decades… the aim is to enslave you with debt.

  14. evolutis

    The non-conforming Sparrow

    “Once upon a time, there was a nonconforming sparrow who decided not to fly south for the winter. However, soon the weather turned so cold that he reluctantly started southward. In a short time, ice began to form on his wings and he fell to earth in a barnyard, almost frozen. A cow passed by and crapped on the little sparrow. The sparrow thought it was the end. But then the manure warmed him and defrosted his wings. Warm and happy, able to breathe, he started to sing. Just then a large cat came by and hearing the chirping, investigated the sounds. The cat cleared away the manure, found the chirping sparrow and promptly ate him.”

    THE MORAL OF THE STORY

    1. Everyone who shits on you is not necessarily your enemy.
    2. Everyone who gets you out of shit is not necessarily your friend.
    3. And, if you’re warm and happy in a pile of shit, keep your mouth shut!

  15. F. Beard

    Good for the Egyptians! Governments should not even borrow currency they can create much less currency they can’t.

  18. 8Ball

    The beat goes on… Ratings agencies start to downgrade Italy.

    for Italian speakers:
    L’Italia sotto la lente delle agenzie di rating. Dopo che il 20 maggio S&P ha cambiato l’Outlook sul rating (A+) dell’Italia da Stabile a Negativo il 17 giugno è stata la volta di Moody’s, che ha messo l’Italia in Credit Watch Negativo (rating Aa2). Le principali motivazioni di questa decisione sono:1) la deludente crescita economica dovuta alle debolezze strutturali del nostro Paese; 2) i rischi nell’implementazione dei piani di consolidamento fiscale in un contesto politico sempre più debole; 3) il progressivo peggioramento del sentiment di mercato in relazione ai Paesi ad elevato debito, come l’Italia. Di fatto Moody’s alle criticità indicate da S&P aggiunge la sempre più pressante crisi del debito greco e il suo potenziale contagio agli altri paesi, in primis quelli a debito più elevato come l’Italia. Considerando le tre principali agenzie di rating Moody’s è quella che presenta la valutazione più elevata, pertanto l’effetto di un potenziale declassamento potrebbe essere mitigato dal fatto che, a meno di una bocciatura superiore a due scalini (che riteniamo altamente improbabile), la valutazione di Moody’s resterebbe comunque superiore o pari a quella di S&P. Più critica potrebbe risultare una bocciatura da parte di S&P, che però ha posto sull’Italia un Outlook Negativo, che rispetto al Credit Watch, lascia in teoria un intervallo di tempo molto più lungo al Paese per risolvere le criticità evidenziate dall’agenzia (l’orizzonte temporale usuale è di due anni).

    http://www.intesasanpaolo.com/scriptIbve/retail20/contentData/view/content-ref?id=CNT-04-0000000053B91&foo=Settimana

  20. biggreenlie

    I think the Egyptians who put their lives on the line to oust the Dictatorship that was being propped up by European and U.S. interests are a bit smarter and more idealistic than the “banksters” who think they can buy Egypt’s Sovereignty now that they are becoming a Free Society!
    This is why the EU will fail, the U.S. debt will destroy the greed that caused the so called “Recession/Depression and in the end every country in the world will have a chance to re-invent itself without these “Money Lepers” at the helm like the IMF and Fed and ECB!!!

  21. 8Ball

    dan valley, Yup, AGW porn but no mention of Fukushima and how that will eventually make N. Honshu uninhabitable… “Get that evil Carbon!” “More taxes for the slaves…!”

  22. jimmo

    Must admit, my first thought was that this is posturing.

    I could be wrong…. but it just doesn’t gel with how familiar a significant number of Egyptians need to be with what has really been going on in Egypt for the last 30 years.

    After Mubarak stepped down, there were people waving American flags in victory… as though they had no idea the US government has been in bed(supplying arms) with their dictator for the last 30 years.

    Hope I’m wrong.

  24. Capt. Ray

    @ ronron

    Nice link, I imagine…
    ” not availeble in your country”

    …if it were “my country”; I would put it on ebay!

    (LOL)

  25. F. Beard

    @SilverPorno,

    He better not dare draw Stacy!

    I now have a hacking cough from laughing so hard …

  26. Robert Mockan

    @SteveD

    I agree with you the next step may be the jackals.

    A loan was offered improperly to the wrong people with attached conditionalities.
    Abul Naga accuses the US government of violating Egyptian sovereignty.
    She says the loan is rejected because it is not in the interests of Egypt to take it.

    Sounds like the Egyptians need a few bombs dropped on them.

  27. Ali

    Dear Max and stacy,

    Just thought I would let you know about an American Bankster from CitiGroup who has run after stealing millions here in Hong Kong.

    “Citigroup probed after adviser flees
    Amanda Lee and Enoch Yiu
    Jun 22, 2011
    A former Citigroup adviser who fled Hong Kong for India after he allegedly misled investors has sparked an investigation by the Securities and Futures Commission….”

    Source: http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=34ce4fd70e2b0310VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=&s=News

  28. Vonda Bra

    @ SilverPorno
    THANKS FOR THAT LAUGH!!!
    absolutely hilarious!!! LOL
    hahahahahaha…… I can´t stop…. brilliant shafts of satire :D

  30. SilverPorno

    @Mr Beard – you know what, I was actually thinking of sending him a pic of Stacy and asking what he could do… I think she would appreciate it, I don’t think she would take offence, she likes a good laugh I’ve noticed (well, being with Max is a big clue to that, eh?).

    Hey @Vonda – glad you like that limk. It’s had me in stitches all day – ah love it when something THAT funny appears – ’tis rare.

    I’m off – goodnight all :)

  32. Dark Markets

    ■Egypt declines World Bank loan as incompatible with national interest
    “Stacy Summary: A story I missed until I read it on @saifedean’s twitter feed. He thinks it’s just posturing. What do you think?

    You’re probably ‘right’ (as in “correct”) there, Stacy: the Neo-Cons are WALLOWING in their ability to enforce unlimited “BRIBERY & EXTORTION ‘democracy’” – PRETENDING they are for “the outbreak of democracy” in Libya, Iran, Iran (etc.) while sending BLACKWATER GESTAPO (or multi-national equivelent) to not only Saudi, Bahrain, (Libya), and other “3rd world countries” – but even here in America, as Bush, Cheney, their Chiefs of Staff (later convicted perjury ‘Scooter’ Libby; & Josh Bolten) and their FEMA DIRECTOR, “Heckuva Job Brownie” INTENTIONALLY SABOTAGED the EMERGENCY RELIEF efforts (at FEMA) that we Americans PAY OUR TAX DOLLARS FOR, so they could send in their hired Blackwater thugs to ETHNICALLY CLEANSE some vibrant, historical NO neighborhoods.
    (Then, using their CNN/Time/Warner, Sulzberger NY Slimes, Graham Washington Post, Murdoch Fox noise empire (etc.) PRETEND that the above INTENTIONAL SABOTAGE was merely “human error” – a REPEAT of the 9-11 Dereliction of Duty/Treason story!)
    In Egypt (and most Muslim nations’) case, no matter WHO the elites in power are, NO ONE is going to be able to FEED the ever increasing populations, as the now compiling AGW weather & oceanic disasters start to add up and take the world’s FOOD SUPPLY _DOWN_.
    Short summary: NO ONE will be able to satisfy the growing population for long, anyways – there IS NO “light at the end of the tunnel” – so, yes, the CURRENT ELITES are ALWAYS BRIBEABLE. You can’t stand up to the kind of money the Neo-Con, GS + JPM + Fed + r’s War Lobby can throw around; the $900 BILLION the Fed tossed (FIAT made-out-of-thin-air money that OBLIGATES American taxpayers, and DILUTES American savings) to European banks was probably a BRIBE to get Belgium & other Euro countries on board with the US invasion of Libya… so it will be in Egypt, BILLIONS of UNTRACEABLE Bernanke Fiat Dollar BRIBES dished out by Hillary, Blankfein, Obumer, & co…..

  33. SilverPorno

    @No,no,no.no……..not again!

    Yeah, that is so funny isn’t it? Total 100% piss-take, no prisoners taken.

    That’s why it’s just genius. Shit, have to stop laughing and bugger off.

  35. Mini US

    It seems that it must be very difficult to defy these things (IMF and World Bank) as they must really put the screws on in those Finance Meetings. It is easy for us to say ‘Fuck the Bankers’ and I agree, but who knows the pressure they are under.
    I imagine they either have support from elsewhere or they are using this perceived support from ‘the other side’ to broker a better deal for something they may regard as inevitable.
    So yes, posturing.
    Maybe we will see an earthquake there sometime soon.
    Hope not.

  38. dan valley

    1825: Rep. Daniel Webster sketches own penis with quill pen and distributes via courier.

  39. Dark Markets

    @Dan Valley: ” Geneticists reveal 50 per cent of Britons are GERMAN (that includes the windsors” http://t.co/H1nq1kE

    Nothing new there, Dan! Brian Sykes book, “Saxons, Vikings, & Celts: The Genetic Roots of Great Britain & Ireland” has some DELICIOUS history tidbits and (my FAVORITE bits) IRONIES on this subject:
    http://books.google.com/books/about/Saxons_Vikings_and_Celts.html?id=KDPEteL4L5wC
    #1. DESPITE the massive, REPEAT WAVES of CONQUERORS (Romans, Anglo/Saxons, Danes, Normans), the population of British Isles and Ireland remain (genetically) largely of CELTIC descent… (One man detailed in 1st chapter is a DIRECT genetic descendent of a 10,000 year old skeleton discovered in limestone caves less than 100 miles away!)
    #2. The KING ARTHUR LEGEND REFLECTED this ‘modern’ British nostalgia for their CELTIC (+ Roman) roots: clearly, Arthur’s nemesis Modred represents the dark (not to say “demonic”) forces that brought “Camelot” to an end….
    #3. As the British empire gained global supremacy (post Napoleonic wars) the British INVERTED the Arthur GOOD/Germanics BAD motif, the best example found in London Times describing the “inherent SUPERIORITY of the ANGLO-SAXON British vs. those despicable, lazy, shiftless Celtic Irish (and, to lesser degree, Welsh & Scots) – the British were in process of STARVING MILLIONS of Irish (1 million died of famine related diseases; 1 million fled homeland, often aboard “death ships”) and the London Times and other “intelligencia” outlets were PROPAGANDA support for such ruthless (closet) genocidal imperialism.
    #4. Of course, as WWI bore down, Brits had to INVERT the “Germanic GOOD, Celtic BAD” narrative, to house of Coberg/Saxe/Gotha was renamed “House of WINDSOR”
    #5. Mr. Sykes most astonishing factiod: the ARAYAN MYTH of Germanic “racial superiority” was a PRODUCT OF BRITISH INTELLECTUALISM pre-WWI… the defeated (Post-WWI) Nazis EMBRACED the Brit/Anglo/SAXON MYTH, and of course embellished it with their own statist propaganda narrative.
    (Sykes tells it better than I, although his writing does get a bit dry with genetics statistics & science talk at times….)

  40. Poote

    We as Americans should be ashamed of our cowardess.
    Monsters are driving our government and we do nothing.
    How can anybody that is using depleated uranium munitions in Libya claim a human rights violation aginst the moammar.
    Obama is a terrorist and needs to stand before a judge and then executed.

  50. Jayme

    She seems like a nice lady but who gave her authority to deal with the IMF anyway? She’s a politician and wanted to be a player within the EU before the uprising and so has ‘friends’. I doubt she has changed much from before the uprising. I really don’t understand why Egypt has to go to the world bank for anything. H-E-L-L-O-O-O: NOTHING is free, people. Mubarak has loot stashed everywhere. Egypt should be looking into recovering that stolen booty rather than getting deeper into debt to the people who caused a great deal of their problems in the first place. She doesn’t seem to get the concept of GIABO.

    All those sunshine projects are political monkey traps. ‘Let’s help the people and the children… just sign here in triplicate and everything will be all better.’ I think her claim about ulterior motives is correct but that she really shouldn’t be approaching the world bank for anything (except getting Egypt DSKed). She needs to start teaming up with the othr ‘broke’ nations to form aliances with people Egypt can trust.
    —-
    (side note: This blog text box acts wierd. I can use the arrow keys to move around sometimes but other times. No clear pattern.)

  51. Jayme

    LOL – Thanks Silver Porno – that’s funny. I’m splitting a side and cryin’ here.

  52. ZORRO LONDON

    @ Steve D….”Jackals”…….that would be the usual next step, but we are seeing a global trend of revolt against the dead dodo dollar. Not sure there are enough US aircraft carriers to deploy or CIA operatives to go round. I’m sure brotherhoodf will still continue whatever arm twisting they can.

    As for alternative energy, no one seems to talk about hydro-electric any more????…..WHY?……….Z

  54. snoop diddy

    well hopefully the IMF will be held out of Egypt.
    What’s the point of collateralising a bankrupt organisation by paying interest on funny money?

  55. Sleep Well Silver

    Any country that can see threw the fiat web of lies and tell them to pound sand is on their way to true FREEDOM. Back your own currency with the gold that they being NWO.IMF, BIG BANKS,US GOVERNMENT etc have been trying to steal and silver and in joy freedom and your country.

  64. Mother Earth

    @Lyte

    If you want to measure energy generated you can simply weigh the water that is turned into steam (which is the determination by mass). You know the temperature at the beginning, you know it gets to 100 degrees, then it is removed as steam and condenses. You can calculate exactly how much caleries have been available.

  65. Mark Lytle

    @Mother Earth

    I guess the controversy is because the steam was not all steam, some liquid water..so now there’s a fur fight going on between Rossi and some of the people at New Energy times…

  68. Mark Lytle

    @Mother Earth

    I do agree the measurements of steam heat should be a straight forward task. It’s odd that this late in the game after Rossi has some sort of patent in Italy, and a bunch of investors, that this is cropping up..

  71. MirrorMirror

    @Gerald Celente: Everything is Not All Right, And Things Are Going to Get Worse 1/2

    Said exactly what I proposed yesterday , re: Greece

    If you can Bank online
    .. you can vote Online

    If politicians disagree , it means they do NOT want to hear The People , and therefore should be removed from office.

  74. Mark Lytle

    @Mother Earth

    Yes, NASA has endorsed it, I hope they have their own experiments up and running just in case something goes wrong over in Rossi-land…Something about not having our eggs all in one basket..

  77. Erin

    Why would Egypt need any foreign loans … they can just raise the toll charges on transits through the suez canal.

  78. JailBanksters

    Ulterior motive….wha ?

    The USSA only does things with the best interest of other Countries.
    You know it must be good for you, if some rich guy tells you it is.

  79. SilverCondom

    The Egyptian revolution is failing!

    The masses there need to behead the army first. Then, they’ll be able to remove the pseudo democrato-revolutionary political regime that is screwing them.

    In the USA, the people is hopeless for now.

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