Egypt has rejected (apparently) a $3 billion loan from the International Monetary Fund, goaded (apparently) by populist idiots who believe Egypt can become a socialist paradise on its own initiative. Never mind that the IMF standby loan facilities are specifically designed to stabilize economies that have undergone the sort of negative shock that Egypt is witnessing by offering front-loaded, low-interest loans. Never mind that Egypt’s ability to tap into the far more expensive bond market is highly limited by the depressed macroeconomic landscape, the Greek debacle and the very decision of not accepting loans from the World Bank Group. Fear not, for Egypt is separate and apart and can count on “freebies” from “friends” in the Gulf who will, surely without any condition (thanks for keeping the enlightened Sheikh Qaradawi safe in Doha and for inspiring progressive policies at our heathen beaches, hotels and shopping centers), shovel money into the country out of their (apparent) love for its culture and people.
Right. Such sounds policies will soon elevate Egypt to the ranks of the BRIC nations – only as Bolivia, rather than Brazil.