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Iraq rejects $4bn Egypt lifeline request on high risk

Iraqi official says depositing such a large sum in Egypt would be too risky

AP, Friday 29 Mar 2013
Zebari and Morsi
Iraqi Foreign Affairs Minister Hoshyar Zebari, left, meets with President Mohammed Morsi in Cairo (Photo: AP)
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An Iraqi official says Baghdad has rejected a request from Egypt for a $4 billion bond to be deposited in Egypt's central bank to bolster its faltering economy.

The official said on Friday that it's "too risky" to deposit such a large sum in Egypt but that talks are continuing for a smaller amount. The official didn't elaborate. He spoke on condition of anonymity because he wasn't authorized to talk to the media.

In Egypt, the presidency's media office confirmed in a statement to The Associated Press that discussions with Iraq are ongoing.

Egypt's planning minister, Ashraf el-Araby, visited Iraq this week.

Egypt has sought help from several oil-wealthy Arab countries to shore up reserves in its central bank, which were depleted in the aftermath of Hosni Mubarak's 2011 ouster.

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Abby Elkholy
30-03-2013 09:41pm
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Paging
We have to stop to go to the Arab country And work let the people work stop crate new lows do what you say and say what You do
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Abby Elkholy
30-03-2013 07:46pm
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Subsidizing the bread
17 tarylion bound if you give this money to the People will be great
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mark
30-03-2013 02:07pm
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Bad client
taking loans to pay off other debts, this is something my father told me to never get into and here is the president of Egypt borrowing money left right and centre and at the end of the day they are deposits in the central bank which could be withdrawn at any time so does it come with political conditions.
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Egyption
30-03-2013 08:46am
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Do not let Egypt fail
After the Second World War, the United States helped Western European nations build a new market-based economy to sustain democratic structures. That was a win–win strategy: the two shores of the Atlantic emerged as each other’s major economic partners. A Marshall Plan for Arab Spring nations may sound like a tired cliché, but it is also good long-term. The world should not punish the Egyptions because of their bad choice for their new rulers that proved that they have no depth in thier econmic vison as well as they were the main reason behind the massive risegnations of the Egypt best econmists. Such rulers will go some day,hop soon, and hope that the Egyptions hve learnt thier lesson and choose a aroulers that separate Religion from politecs. So far, the US has offered an aid package of USD 190 million, while the IMF has put some USD 4 billion on the table. Several oil-rich Arab states have promised a similar package. However, all that would be little more than an attempt at stoppi
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Karim
29-03-2013 09:00pm
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Baksish!!!
This is the philosophy of ikhwan. To take a little baksish from everybody. They have no dignity at all. Even the old regime had respect for themselves. They can't earn money, as talking doesn't make money. Religion is not economy.
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