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View Full Version : U.S. Issues Obama to offer debt relief to Egypt in Mideast speech


rrl308
05-18-2011, 11:17 PM
By Jeff Mason

WASHINGTON | Wed May 18, 2011 9:05pm EDT

WASHINGTON (Reuters) - President Barack Obama will unveil an economic aid program for Egypt and Tunisia on Thursday as part of a broad effort to support democratic reform in the Middle East and North Africa, U.S. officials said.

Senior advisers to Obama, previewing parts of his speech, said Wednesday the United States would offer debt relief totaling roughly $1 billion "over a few years" to Egypt through a debt swap mechanism that would invest the money to boost youth employment and support entrepreneurs.

Washington would also loan or guarantee loans up to a total of $1 billion through the Overseas Private Investment Corp (OPIC) for Egypt to finance infrastructure development and boost jobs, the officials told reporters on a conference call.

Several billion dollars in additional financing would come from multilateral development banks as well.

The administration would also seek to foster trade and economic development throughout the region and encourage private sector investment, the officials said.

"We think these initiatives will help Egypt and Tunisia as they undertake the twin challenges of economic transformation and democratization," one official said.

The officials dodged a question on whether the debt relief package was enough.

"Egypt has, I think, a very good prospect of accessing private capital markets, and that's important to Egypt's future economic vibrancy, and that's something that we know economic leaders in Egypt want to reinforce," one official said when asked why the country's full debt was not canceled.

In his widely anticipated speech Thursday, Obama aims to present a coherent approach for dealing with unprecedented political upheaval that has swept the region and upended decades of U.S. policy.

Part of that approach will include boosting economic fundamentals to spur democratic reform.

"We ... know from our study of the past that successful transitions to democracy depend in part on strong foundations for prosperity, and that reinforcing economic growth is an important way of reinforcing a democratic transition," one official said.


Rest of Article:
http://www.reuters.com/article/2011/05/19/us-obama-mideast-aid-idUSTRE74I09Q20110519

Ebolapox
05-18-2011, 11:25 PM
aren't we fucking broke or some shit?

Bewbies
05-18-2011, 11:56 PM
aren't we ****ing broke or some shit?

why do you hate brown people?

HonestChieffan
05-19-2011, 07:50 AM
The man is so out of touch with reality it is amazing.

Otter
05-19-2011, 07:56 AM
I think I'll go down to the soup kitchen and ask for a $10 spot to buy lunch.

Is this guy retarded?

HonestChieffan
05-19-2011, 09:13 AM
He should have a great time when he gets his Jewish supporters together for a fund raiser....

Simplex3
05-19-2011, 09:18 AM
There are no words to describe how disconnected the politicians in this country must be.

ROYC75
05-19-2011, 09:22 AM
aren't we ****ing broke or some shit?

Nope, we can always borrow more. Crap, they will print more money if they want. :rolleyes:



And yet we have many Liberals defending this clown.

oldandslow
05-19-2011, 09:26 AM
Nope, we can always borrow more. Crap, they will print more money if they want. :rolleyes:



And yet we have many Liberals defending this clown.

Not defending him, but you are not going to get Egypt to pay the money back anyway, so that part doesn't bother me too much...however, the part about offering them new loans blows my mind...

Having said that, every President since Roosevelt has done the same thing. We have been in the business of social engineering of the word since the days of Woodrow Wilson.

So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.

vailpass
05-19-2011, 09:37 AM
Not defending him, but you are not going to get Egypt to pay the money back anyway, so that part doesn't bother me too much...however, the part about offering them new loans blows my mind...

Having said that, every President since Roosevelt has done the same thing. We have been in the business of social engineering of the word since the days of Woodrow Wilson.

So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.


Did you put 'conservative' in quotes because there are no tru conservative candidates out there right now? If so I sadly agree with you 100%.

RedNeckRaider
05-19-2011, 09:49 AM
Not defending him, but you are not going to get Egypt to pay the money back anyway, so that part doesn't bother me too much...however, the part about offering them new loans blows my mind...

Having said that, every President since Roosevelt has done the same thing. We have been in the business of social engineering of the word since the days of Woodrow Wilson.

So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.

This one has a chance..yes it is going over the fence its a home run~

talastan
05-19-2011, 09:56 AM
Not defending him, but you are not going to get Egypt to pay the money back anyway, so that part doesn't bother me too much...however, the part about offering them new loans blows my mind...

Having said that, every President since Roosevelt has done the same thing. We have been in the business of social engineering of the word since the days of Woodrow Wilson.

So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.

I completely agree. It not enough to redistribute wealth within the US but to take it from here and send it overseas?! Both left and right are to blame for this, and it should stop now. Our concerns should be the US first and until we get ourselves solvent, we should even think about sending money to other countries; or the UN for that matter. JMO though..

Otter
05-19-2011, 09:58 AM
So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.

I agree with you for the most part but Obama's in a unique situation debt wise (much to his own doing) than any other president as well. It is his own fault for not realizing that reality and applying it to decision making.

The status quo should be out the door at this point.

ROYC75
05-19-2011, 10:09 AM
Not defending him, but you are not going to get Egypt to pay the money back anyway, so that part doesn't bother me too much...however, the part about offering them new loans blows my mind...

Having said that, every President since Roosevelt has done the same thing. We have been in the business of social engineering of the word since the days of Woodrow Wilson.

So blame Obama...but you better get ready to blame the next "conservative" who holds the white house as well.

I didn't say Obama was the only reason, did I ? I have been on record saying this crap has been happening for the last 40 years. I do not like to continue making the same mistakes as a country, time after time with each country we try to bailout.

Same Old, same old ............

The Mad Crapper
05-19-2011, 11:38 AM
The man is so out of touch with reality it is amazing.

http://www.iaza.com/work/110520C/iaza18095963724900.jpg