The growing popularity of a strange form of debt diplomacy
Why Saudi Arabia and the IMF may end up in a stand-off over Egypt
Reality caught up with the Egyptian pound on October 27th. Since Russia invaded Ukraine, prompting foreign investors to flee risky assets, the country’s central bank has burnt through its foreign reserves in a bid to keep the currency fixed against the dollar. But last week officials agreed to float the pound—the first of several concessions to secure a $3bn loan from the imf. The currency promptly fell off a cliff, plunging to an all-time low.
This article appeared in the Finance & economics section of the print edition under the headline “A few billion between friends”
Finance & economics November 5th 2022
- Europe’s energy crisis is very far from over
- Even recession may not bring down Europe’s inflation
- The Fed delivers another jumbo rate rise, and it’s far from done
- The growing popularity of a strange form of debt diplomacy
- Financiers’ pronouncements on China do not match their actions
- Xi Jinping promises financial stability. He is not delivering it
- How best to bring back manufacturing
From the November 5th 2022 edition
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