[vc_row][vc_column][vc_column_text]Everyone knows about the recent ousting of democratically elected Mohamed Morsi by the Egyptian military and while it is always the right of the people to decide what form of government they decide to take, it is necessary in today’s geo-political world to look for shadow banking forces that may be at play and, consequently, only giving off an illusion of a revolution by the people.
An interesting statement comes from Egyptian Army Chief Abdel-Fattah el-Sissi where he told the nation in a televised event that a government of “Technocrats” would be appointed to manage Eygpt for an unspecified length of time.
Now that a Hazem el-Beblawi, a well known Neo-Liberal Technocrat has been appointed Egypt’s interim-Prime Minister there is little doubt that the $4.8 billion IMF emergency relief money requested back in November is on the way. Morsi’s government actually initiated the request but never ratified it, possibly because the attached strings were not good for Egypt. What is known however is that Hazem el-Beblawi has called for the IMF deal to be signed.
Other banking developments that come from a change in leadership are that Egypt’s el-Bablawi would steer the country away from its intended BRICS membership and would instead plunge Egypt into even more debt to the IMF. Most Egyptian economists, whether supporters or opponents of Morsi or the coup agree, that Mohammed Morsi’s approach toward BRICS membership would have been beneficial for the country’s economy.
Regardless Raza Agha, a London based economists with VTB Capital says that Egypt will need $19.5 billion in foreign funds to get it through 2014. It is not yet clear what kind of sovereign claims that Egypt will have to give up to meet this amount. Nothing ever given by the IMF is for the good of the country receiving the money that is for certain.
Perhaps this is why the White House has refused to call it a military coup. With two of the Egyptian military’s top officials being trained in the US it is hard to believe the US is not playing a hand in all of this. The IMF is likely calling all the shots on this one.
With 75.6 tonnes of Gold already stolen from Egypt by Mubarak many can wonder what my be left for the IMF to demand from Egypt. U.S naval base anyone?
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