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U.S. Near Deal to Forgive $1 Billion in Egypt Debt: ‘It’s About Growth and Business’

Sep. 3, 2012 10:30pm Erica Ritz

(Photo: AP)

The United States is finalizing a pact with Egypt’s newly-established Islamist government to forgive $1 billion in debt as part of an international assistance package intended to “bolster [the country's] transition to democracy,” in the words of the New York Times.

Apparently the matter is becoming increasingly urgent as Egypt turns to China and the East as its major allies instead of the United States, which gives the country $1.3 billion in military aid annually.

In his first international trip outside of the Middle East, for instance, Egypt’s President Mohammed Morsi chose to visit China over the U.S.

The New York Times adds:

In addition to the debt assistance, the administration has thrown its support behind a $4.8 billion loan being negotiated between Egypt and the International Monetary Fund. Last week, it dispatched the first of two delegations to work out details of the proposed debt assistance, as well as $375 million in financing and loan guarantees for American financiers who invest in Egypt and a $60 million investment fund for Egyptian businesses.

The assistance underscores the importance of shoring up Egypt at a time of turmoil and change across the Middle East, including the relatively peaceful uprisings in Egypt and Tunisia, the still-unfinished transition in Libya, the showdown over Iran’s nuclear program and the war in Syria.

Given Egypt’s influence in the Arab world, the officials said, its economic recovery and political stability could have a profound influence on other nations in transition and ease wariness in Israel about the tumultuous political changes under way.

“It’s important for the U.S. to give Egypt a reason to look to the West, as well as the East,” Lionel Johnson, the chamber’s vice president for the Middle East and North Africa, explained.

President Obama’s administration has faced significant resistance from Republicans, however, who note that the United States is in the middle of its own debt crisis and that Egypt’s new government may not be entirely trustworthy.

But, according to the New York Times, the Muslim Brotherhood has been incredibly open with the administration.

“They sound like Republicans half the time,” one administration official inexplicably said, according to the New York Times.

Deputy Secretary of State Thomas R. Nides, who will travel with the Chamber of Commerce delegation, added: “Our goal is to send a very strong message to Egypt that the government understands it’s not just about assistance…It’s about growth and business.”

The Wall Street Journal notes Morsi’s government has assumed nearly absolute control over the country, replacing the top military leaders who once provided a balance of power, censoring the media, and failing to control the Sinai Peninsula or the diminishing rights of women and Christians.

–

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Comments (110)

SilentReader
Posted on September 3, 2012 at 11:56pm
We’re forgiving 1 Billion in debt to this Muslim Brotherhood terrorist-in-a-suit? Unbelievable treachery!
What we should be doing is cutting this guy off. He’s no friend of ours. The guys allying with Iran!

Where the heck is Congress?

This Obama-Clinton Regime is not only fundamentally changing America into a Banana Republic but it’s also allying with the vile enemy who are killing Christians and burning down churches all over the hornet’s nest that they call the Middle East as we speak.

This Morsi Muslim Brotherhood terrorist has sacked the military and taken it over, and he’s now going to be writing the Egyptian Constitution to implement Sharia. The guys killing the Christian Copts, the indigenous people of Egypt, and many of them have been tortured in his prisons of unaccountability, or mowed down by tanks paid for by us. Some have been lucky to escape and are in camps in Europe.

This is treason. Our troops are dying and being maimed for life fighting this Islamist enemy and we have a government allying with them, and forgiving their debt. Our hard-earned money is going to prop up a terrorist government. Just recently Hillary Clinton was seen with the OIC and she signed UN Resolution 1618 to shut us up while they are killing us. The OIC defines these terms this way:
Terrorism = Killing a Muslim with no Right (killing us doesn’t matter)
Human Rights = Sharia
Religion = Islam only (they have abrogated Christianity and Judaism)

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- Wayner
  Posted on September 4, 2012 at 12:26am
  The latest news out today is that Obama is secretly allying with Iran… Come on America.. wake up before we go up in a fireball.
  
  Report this comment
- Socco
  Posted on September 4, 2012 at 12:28am
  The Dhimmi-O-crats are psychotically evil.
  
  Report this comment
- Anonymous T. Irrelevant
  Posted on September 4, 2012 at 12:57am
  Transition to democracy my camel’s a$$! The Muslim Brotherhood is not Democratic. This is just Obama paying himself. They will save/invest it for him when he is through playing the part of a president (very poor performance, BTW). Obama is also helping speed up the “One World Caliphate.”
  
  Report this comment
- @ZalmiU
  Posted on September 4, 2012 at 4:07am
  If Morsi wants US aid, he must take Tehran off his itinerary for goodwill trips and respect America’s requests to search Iranian ships transiting the Suez canal enroute to Syria. Last month he ignored a US request to search the latest vessel to cross through.
  
  Report this comment
- PATTY HENRY
  Posted on September 4, 2012 at 4:18am
  SOBS!!! SO it’s okay that the EGYPTIAN MUSLIM BROTHERHOOD THUGS won’t have to worry about DEBT but we do??? WE’re borrowing money to give to those MURDERING THUGS?
  
  OBAMA…you and your little pet squirrel AXELROD, your B.UGLY KEEPER, JARRETT and the rest of your horrid, classless, phony brats just keep it up. YOU don’t think WE the PEOPLE will vote you out, but we are going to landslide you…even with all your dirty tricks, all your frustrating efforts to try to get us to take the to Streets. WE’ll be in the streets, DANCING the day you are defeated NOV 6-7.
  DANCING AND PRAISING GOD and SHOUTING HALLELUJAH and never again will some AMERICAN HATING, OBNOXIOUS, INEPT, ARROGANT TWIT BE ABLE TO PULL WHAT YOU”VE PULLED.
  MAN, if I were BLACK I’d be mad as hell at you for ruining it for DECENT BLACK MEN and WOMEN..you half of nothing POS. Tell AXELROD that his “TELL” is his darty eyes. BECKEL’S is his thick tongue..when he’s lying which is most of the time and trying to defend you creeps, his tongue must double in size, well AXELROD’S eyes seem to come unglued and it’s funny to watch… Yeah, right, we haven’t scored points with the YOU DIDN’T BUILD THAT – the only truthful thing that sinister B. you work with has disclosed about his real purpose. I cannot remember, except for that sleaze ball Carter, when I wanted to see any President out of office as much as this gawdy little twerp. 60 days.
  
  Report this comment
- PATTY HENRY
  Posted on September 4, 2012 at 4:25am
  ALONG WITH THE EMPTY CHAIR In every front yard..we need to have a new AMERICAN GREETING:
  
  HELL NO !
  
  Forget the niceties…just greet each other with HELL NO!
  
  We have 60 days to put the pressure on these dopes. EVERY STORE OWNER, every TAX PAYER, EVERY PATRIOT and GUN OWNER, EVERY AMERICAN CONSTITUTION LOVING SOUL SHOULD
  pick up the chant HELL NO
  
  That sawed-off SOB and his Demonic Minions like Barbara Boxer and Piglosi and REID and Axelrod, Jarrett, Cutter and on and on are the worst possible people. BOXER has been trying since 9/11 to give away our rights to our OWN PEOPLE. Where the hell was that INFORMATION when she was finally Challenged?? NO MORE PC, no more ‘civility’ these A H’s use our gentility against us…they
  think its a sign of weakness. LET’S SHOW THEM WHO THE BLOODY ADULTS ARE.
  WRITE YOUR CONGRESS MEN/WOMEN and just say
  
  HELL
  
  NO
  
  !!! (no on that jerk’s energy debacle; no on Buffett profiting; NO on EGYPT… HELL NO ON ALL OF IT!
  
  Report this comment
- spikebu
  Posted on September 4, 2012 at 5:50am
  I believe the Muslim Brotherhood has been pretty honest in it’s intent. Stating they want to wipe Israel, and America, off the face of the planet, doesn’t leave much speculation as to their intent. They’ve been very clear. Our leadership and media, hasn’t. At least the radical muslims are honest. They want us dead. Our leadership and media wants to SOFTEN that message. Huh.
  
  Report this comment
- old white guy
  Posted on September 4, 2012 at 6:31am
  forgive debt for muslims. i guess that is what an avowed muslim would do. obama a muslim in his own words available for all to see and hear on u tube.
  
  Report this comment
- Leadthemtothelight
  Posted on September 4, 2012 at 6:48am
  ‘It’s About Growth and Business’………..Oh I get it……We are now taking our failed stimulus plan global. I have an idea….the piggy bank is empty lying shattered on the floor……How about we get our own fiscal house in order before we support Muslim extremist regimes that will no doubt be bombing and attempting to kill us in short order?
  
  Report this comment
- Angel_light
  Posted on September 4, 2012 at 7:52am
  “We’re forgiving 1 Billion in debt to this Muslim Brotherhood terrorist-in-a-suit? Unbelievable treachery!
  What we should be doing is cutting this guy off. He’s no friend of ours. The guys allying with Iran!” – That’s what I was thinking. this is pathetic. we need to stop funding them. it just doesn’t make sense why we would forgive all that debt either with all the debt we are in
  
  Report this comment
- Detroit paperboy
  Posted on September 4, 2012 at 9:07am
  If you have to buy your friends, they’re not your friends……………..
  
  Report this comment
- Sunny10
  Posted on September 4, 2012 at 9:12am
  You said it well, thank you!
  
  Report this comment
- dmerwin
  Posted on September 4, 2012 at 5:23pm
  Emphatically, NO. We cannot pay our own bills. We will borrow this money from elsewhere to prop up a crappy government. Thanks Democrats for reminding me why we must get you out of office. Republicans, use every technique to delay this and make it a media issue.
  
  Report this comment
sndrman
Posted on September 3, 2012 at 11:49pm
HMMMMMMMMMMMMMMMMMMMMMM democrat blue tie,am i reaching?or is the pic reaching instead

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- tcseacliff
  Posted on September 3, 2012 at 11:52pm
  Hey, screw egypt! this is not the same ally they used to be ! we need the money ! F*them! let the brotherhood raise their own money! go ask George Soros.
  
  Report this comment
- FstEti
  Posted on September 4, 2012 at 1:20am
  TCSEACLIFF…..I believe they already did, hence the forthcoming announcement. Notice, however, that it will be taxpayer money though, and not George’s. Like most “Progressives”, they have no problem spending YOUR money, just as long as their bank accounts are left alone.
  
  Report this comment
- Gonzo
  Posted on September 4, 2012 at 7:33am
  Tcseacliff
  Who cares? It’s China’s money anyway.
  
  Report this comment
Netsurfer2
Posted on September 3, 2012 at 11:47pm
I believe the whole idea of Obama is to make Africa rich while making America very poor! Ahhhh… That would make it easier for their caliphate? I can already see how this will play out!

I say that we stop importing their oil, drill our own and created independence completely! They can eat their oil or pay our high food costs from now on!

Maybe they can send Hillary and Jimmy Carter as a gift??? We would be better off without them anyways!

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- CatB
  Posted on September 3, 2012 at 11:58pm
  Go see the movie 2016 ….
  
  Report this comment
- Elena2010
  Posted on September 4, 2012 at 12:28am
  CATB is spot on!
  
  Hey folks, looks as if the idiots have found another way to squander our Marine Corps
  
  http://cnsnews.com/news/article/200-us-marines-join-anti-drug-effort-guatemala
  
  Report this comment
barber2
Posted on September 3, 2012 at 11:45pm
Greetings fellow suckers / aka the American taxpayers ! Isn’t this just ” peachy ? ” We get to “forgive / pay for ” this debt and the Muslim Brotherhood will have more money to buy more weapons to destroy Western Culture and establish their Caliphate ? And the Obama Democrats get to destroy the American economy even further ? Is this done through another Obama Executive Order ? This group of anti-Americans need to be cleansed from the White House pronto. NOBAMA 2012 NO DEMOCRATS 2012

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LB
Posted on September 3, 2012 at 11:41pm
We need to just stop paying our taxes until things change. If we stand together it might work. If I go missing someone please look for me.

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- tcseacliff
  Posted on September 3, 2012 at 11:49pm
  they are giving away the store! couldn’t we use a billion right about now! why are we such an easy mark? enough is enough, let’s call in some debts, the world owes us plenty! this is less sustainable then having Obama in office!
  
  Report this comment
- DYNA
  Posted on September 4, 2012 at 2:35am
  Well lets see. A couple years ago the Federal Reserve bailed out some European banks with what, about 60 Billion American taxpayer dollars?
  
  Is this Egyptian government amongst the tyrannical countries in the world supporting the UNs attempt to limit the right to bear arms in the United States?
  
  Report this comment
- hidden_lion
  Posted on September 4, 2012 at 1:06pm
  That would work if you could get enough people to do it too. All it would take is one year of no tax revenue. If I was a rich guy I would do it. I would hire Black water for security to keep the government out of my property to prevent the IRS swat team from snatching me. A tax revolt would be sweet. as it is, I am unemployed so I have no money to withhold anyway.
  
  Report this comment
Dougral Supports Israel
Posted on September 3, 2012 at 11:30pm
Lets see, Egypt turning to China for real support but happy to take whatever sucker money they can get from Obama. Go bow to Mecca Obama, for all the good it will do you.

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CoatTales
Posted on September 3, 2012 at 11:25pm
i have no longer surprised by any of this. no one needs to pay their bills, not even our tax cheat timmmmey!! unless your against his agenda then pay up and move along.

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V8WATCHMAN
Posted on September 3, 2012 at 11:19pm
Another reason there should be public hangings when this administration is over! This God Damn Son of a Bitch president has spent four years helping everybody elses economy meanwhile he’s screwed ours. Now he’s proping up another tyranical regime with designs on Islamic world domination. Obama is guilty of treason and deserves the penelty for such.

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- newsjunkie
  Posted on September 3, 2012 at 11:20pm
  I certainly agree with you.
  
  Report this comment
- CatB
  Posted on September 3, 2012 at 11:30pm
  Have you seen the movie 2016? It lays out why and what will happen to the United States should GOD FORBID he get another term. Go see the movie and if it isn’t playing in your area .. it is being released in October and you can preorder the DVD now on Amazon.com …. I have ordered several .. so I can share the TRUTH! I encourage everyone to go see the movie … it is in over 1,700 theaters right now.
  
  Report this comment
- pondfrog
  Posted on September 3, 2012 at 11:45pm
  Have you seen 2016 yet? it explains why he is doing this.
  
  Anticolonialism is the doctrine that rich countries of the West got rich by invading, occupying and looting poor countries of Asia, Africa and South America. As one of Obama’s acknowledged intellectual influences, Frantz Fanon, wrote in The Wretched of the Earth, “The well-being and progress of Europe have been built up with the sweat and the dead bodies of Negroes, Arabs, Indians and the yellow races.” For Obama the answer is simple…we must pay for our sins.
  
  Here is a good article that explains it:
  http://polipundit.com/?p=26104
  
  Report this comment
- barber2
  Posted on September 4, 2012 at 12:01am
  POND: And have you witnessed what has happened to the African countries who have been ” freed from the shackles of colonialism ” and been given self-governrment ?? Check out Zimbabwe . South Africa is also falling. There is a reason these countries were undeveloped socially , economically and politically.
  
  Report this comment
- For my Liberty!
  Posted on September 4, 2012 at 12:13am
  Amen!
  
  Report this comment
newsjunkie
Posted on September 3, 2012 at 11:19pm
Can this country become anymore upside down? Forgive their debt??? Wonder how we will be thanked for this..Sharia law..beheadings, loss of more of our freedoms when they finally get the rest of their meat hooks in us?

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asybot12
Posted on September 3, 2012 at 11:17pm
I wonder If the guy in the picture has to pay penance for wearing a shirt and tie instead of a headdress? Or does he have special permission to look like a westerner?

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- sndrman
  Posted on September 3, 2012 at 11:46pm
  it’s a file pic standard pic sent to the “west”…..it’s okay in islam to lie to your enemy or even to your friend to advance one’s agenda(kinda like the liberal,socialists,commies,and yes this white house)……..
  
  Report this comment
- USA DJ
  Posted on September 4, 2012 at 12:21am
  Sure, it’s all part of the scheme to make him appear as normal as any businessman. Some people can be fooled so easily!
  
  Report this comment
asybot12
Posted on September 3, 2012 at 11:14pm
The only thing in all of this misdirection is frightening. I wonder what part of Israels back the knife is going to end up in. The current US government is hanging on to the handle.

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BIGWUN
Posted on September 3, 2012 at 11:12pm
Yeah, O. The “growth” of Islam and the “business” of murdering innocents. As if they ever would pay us back except with bombs detonated here.

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- asybot12
  Posted on September 3, 2012 at 11:20pm
  growth for democracy wow what will the WH sell you next?
  
  Report this comment
christos
Posted on September 3, 2012 at 11:09pm
Americans never agreed to this.

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- FstEti
  Posted on September 4, 2012 at 1:23am
  No, but Obama did.
  
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grayling646
Posted on September 3, 2012 at 11:07pm
Deputy Secretary of State Thomas R. Nides, who will travel with the Chamber of Commerce delegation, added: “Our goal is to send a very strong message to Egypt that the government understands it’s not just about assistance…It’s about growth and business.”

He failed to add that it’s about screwing over the American taxpayer as well.
‘International Monetary Fund’ is code for ‘U.S. taxpayer’.

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RJJinGadsden
Posted on September 3, 2012 at 11:02pm
This stupidity never seems to stop, it goes for both parties.

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kalli
Posted on September 3, 2012 at 11:00pm
I dislike this evil thug usurping the office for his personal agenda more and more every day. And this was really hard to be so polite and not state how I really felt.

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- CatB
  Posted on September 4, 2012 at 12:03am
  I agree .. and I intend to avoid the news networks and even local news like the plague for the next few days .. until the DNC convention (Obama love fest) is over. Thankfully I can get what I need online without have to hear the …. insert your own words mine are too dirty …talk … and can watch The Blaze TV on my Roku.
  
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woodyb
Posted on September 3, 2012 at 10:52pm
EGYPT OWES US???????????

I though we owed them!!!!!!!!!!!!!

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voting-for-romney
Posted on September 3, 2012 at 10:51pm
When foreign policy is not about principals, attacks women, attacks free speech (the foundation of articulating and supporting the rule of laws – so the thugs at the road blocks don’t make up their own rules) and worse, inspires your neighbors to make the sacrifice of not taking a family vacation, not buying a birth day present, not celebrating your friends and their events, but instead must fork over more tax money because your nation might get clobbered with a sneak attack, giving somebody a loan, without checks and balances, is the answer?

Or is this what we are going to see more in the news of, because we have a Secretary of State, who says in a beaten monto-tone, with no enthusiasm, as though, reading something against her will, how does that look to the poker players at the table? How do you forgive debt, when your credit rating just got downgraded?

Some critics are warning, there is a tic-toc effect coming with a second downgrade? Doctors are experiencing medical cuts in payments with delays up to 18 months, with no guarantees, and this is BEFORE the planned “Obama Care” kicks in?

What would the bank say, if you told them, I have a shotgun to protect my house, and I have a mortgage and mouths to feed, do you mind if borrow some money? The bank says, well, what are you spending your budget on? Well, I just bought a bunch of military equipment I don’t really need?

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Silversmith
Posted on September 3, 2012 at 10:51pm
Oh Brother!! Yeah we have Israel’s back, and we’re funding something that will move against them in short order I think.

Silversmith

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- CatB
  Posted on September 3, 2012 at 11:14pm
  Exactly … I am so disgusted by Obama and his regime. …. tonight I noticed that CNN and MSNBC are doing Obama puff pieces the night before the DNC convention .. George Stephanolpolis .. HERE IS BIAS .. so you know it when you see it!
  
  Report this comment
- louise
  Posted on September 4, 2012 at 6:22am
  Good observation, SilverSmith.
  it would be good if America took a long, hard look at her foreign policy. There is not one once of common sense in a foreign policy that butters both sides of the bread.
  What benefit is it to fund both sides? What message does that send to both ally and enemy?
  America spends billions throwing money to countries who pretend to be allies but yet really want America destroyed.
  
  Report this comment
Searchingforthelight
Posted on September 3, 2012 at 10:50pm
Funny, just the other day I dreamed that Egypt was on “Fire” and was as broke as Greece. Hmmmmm.
I also read a record number of seniors are defaulting on their student loans and the government is collecting from their social security which will probably leave them with 10 to 20 % less of income. But, it is not a tax! Just a reduction in Social Security. But then again who needs to pay for their medication when we have Obama Care.

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TLS
Posted on September 3, 2012 at 10:50pm
Give them nothing !We are borrowing money to pay our bills.

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SCREW-WINDOWS
Posted on September 3, 2012 at 10:40pm
A bank who forgives debt is sure to fail.

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- barber2
  Posted on September 3, 2012 at 11:53pm
  Unfortunately, our New Democrat Marxist Party doesn’t understand the fine points of running a functional economy . Proof ? The Obama Administration…..and now this news about Egypt …
  
  Report this comment
soybomb315_II
Posted on September 3, 2012 at 10:39pm
if Egypt has a billion dollar debt with USA, that means someone in our government gave them credit…..I would like to know exactly how that happened and WHO in the government has that authority (IF ANY)

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- Chromo200
  Posted on September 4, 2012 at 1:11am
  How far back go you want t o go.. Every president contributed to this.
  
  Report this comment
- PIGSWILLNEVERFLY
  Posted on September 4, 2012 at 6:34am
  Is there anyone in authority that can go in and put this pos in chains? Is it this easy to undermine the federal gov? if any of us could be taken without due process and held, shouldn’t he be able to be too? Help, i’m really, really, really getting scared of this creepy felon-in-charge. he is beyond treason. yikes.
  
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- hidden_lion
  Posted on September 4, 2012 at 1:14pm
  Well, Mubarak was our guy, so we gave him aid in money and military hardware in exchange for Egypt keeping the middle east from continual war against Israel. Now, our “friend” is gone, but nobody in our government will withdraw the support. Israel is on borrowed time, with the US soon to follow.
  
  Report this comment
Elena2010
Posted on September 3, 2012 at 10:38pm
Better ask the Chinese first — it is THEIR money, after all.

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- FstEti
  Posted on September 4, 2012 at 1:48am
  Yeah, here’s how this will work; we’ll borrow money from the Chinese and mortgage our kid’s futures, have the loan money directly deposited into Egypt’s account, and when the loan becomes due, the Egyptians will assist the Saudi’s and Iran to raise oil prices, and our grand kids will have to borrow more from China to pay for it, the Chinese will say no, our Nation will default, then the Chinese will send in the Egyptians to collect (think someone named Guido from the Bronx, on a smaller scale), they blow a few hundred Americans up in shopping mall, schools, whatever, and our grand kids will wind up leaning towards Mecca on their prayer rugs, but praying in Chinese.
  Reelect Obama? Oh, HAHAHAHAHAHAHAHAHAHAHAHAHAH, YEAH, YOU BET! When Pigs fly!!!
  
  Report this comment
hidden_lion
Posted on September 3, 2012 at 10:37pm
screw that. Make the pharaoh pay up. They are not our friends any longer.

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- chips1
  Posted on September 3, 2012 at 11:42pm
  Where is Moses when we need him? Ten more plagues ought to do the trick!!!!
  
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