Egypt Paper Plunges On Latest Stock Market Reopening Delay, 266 Day Bond Hits 12.47% Following Partial Auction Failure

Tyler Durden's picture

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Money Squid's picture

Mental note - do not revolt until replacement goverment is formed and ready to take over.

P.S. Be sure tohave finacial recovery team as part of the replacement government.

StychoKiller's picture

Bob Dylan's tune "Everything's Broken" springs to mind!

Who in their right minds would buy Egyptian bonds right now?  Only Qaddahfi's Life Insurance policies are a poorer investment.

eigenvalue's picture

Where is Egypt's Plunge Protection Team?

Canucklehead's picture

They're in hiding with the Badger Senators...

Michael's picture

Egypt's Suez Canal Authority said on Thursday it was leaving its transit fees unchanged until the end of 2011.

Hmm. Guess those plans will need to change. I wonder how high those fees can go?

StychoKiller's picture

Hmm, did you notice you NEVER see them at the same time in the same place?! :>D

Everyman's picture

That's gonna leave a mark!

Yen Cross's picture

Damn. I was going to plant papyrus. I wanted to short redwood/cyprus. Cotton got me caught up during the CMI ethenol contracts. The VIX is contrasting the XLF. Smoke that JUDITH.

High Plains Drifter's picture

12.47 %

Hey that sounds like  what the coupon interest on our bonds should be.

monopoly's picture

And, this is just the beginning. Long way to go.

Oxygen's picture

Who will bail out Egypt ?!

if oil goes up it's should be good for some Countries, like Libia, Soudite Arabie, Egypt maybe !? no ?...

 

 

Misean's picture

They should stop borrowing money and demand gold and silver on the barrel head for Suez transit.

b_thunder's picture

Will  Goldman's "Next 11" become "next 10", 9, 8 and so on, or does Jim O'neill have enough imagination to quickly find a replacement? 

 

Yen Cross's picture

Highly unlikely. His bets are of negative (integers).

Yardfarmer's picture

the inflationary fires in the "emerging" economies already super charged by rising oil prices will act as a short term accelerant to economic activity in oil exporting nations, while importers with large oil dependencies will contract further. the momentum assures arrested growth in the West and Euroland and continuing expansion in Russia and China, their African client states and Iran. oil is money and gold is the exchange. the US is beggared in both.  

JW n FL's picture

Why doesnt Egypt just buy its own Bonds?

Lying is Good... Honesty is Bad...

Up is down and Down is Up...

take note of how the Super Power America Lies!!!!

Let the lies flow thru you to the TV so that the sheep maybe quelled into a semi catatonic, idiotic, day dreaming state of ingnorant bliss.. the people of Egypt will Love you for it! just like the Sheepeople of America Love the Government for it!

 

Maybe we could lend them The Ber-Nake to show them how its done for a week or so? any objections?

JW n FL's picture

of course this faint of honesty from Egypt's markets.. would allow for the hope that the Lying Fucking Scumbag Bankers Grip there has loosened for the moment?

djrichard's picture

Looks like that's what they were doing:

http://en.wikipedia.org/wiki/Economy_of_Egypt#Public_finances

Treasury bonds and notes issued to the Central Bank of Egypt constitute the bulk of the government domestic debt

Instead of increasing their debt to their central bank, maybe they should consider getting off a central-bank-debt-based currency and printing their own currency instead.

Doesn't look like they're running a trade deficit; and exporting oil will give them all the foreign exchange currency they'll need.

Lionhead's picture

Don't worry folks, Templeton's man Mark Mobius will be on Bloomberg shortly to tell you that Egypt is a great buying opportunity.  No doubt he "sees" great promise there once the crisis is "contained."  He's probably out scouring the countryside for great companies you can own once the stock exchange opens.

tom a taxpayer's picture

Falafels-R-Us may be one of those great companies. I hear they plan to open a chain of Falafel stands along the Suez Canal. What could more pleasant than eating a falafel and watching the ships sail by?

StychoKiller's picture

Two words:  Real Estate!  Resort hotels all along the Mediterranean coast line, time shares in the great pyramids -- it's all good!

Yen Cross's picture

Lets light this thread! oil and antiquities

rich_wicks's picture

Dear Egypt.

Default.

You have plenty of oil.  It's not like nobody is going to buy it if you refuse to pay your bills, and it's not as if you don't have wealth.

Hexus's picture

At least they get to enjoy a few weeks of sweet freedom before the inevitable wave of starvation sets in. Surely democracy is worth more then bread? Hillary Clinton and Leon Panetta said so.

Assange be with you!

Dan The Man's picture

--

egypt has no wealth or oil anymore...except maybe a country full of builders...who aren't building right now.

 

also...they have to be closed for 40 days or more before being removed from the index?  jeeze louise.  4 days maybe.  

Buck Johnson's picture

Saudi Arabi is definitely going to feel the hit from this.

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