Egypt Credit Risk Falls Most Since June After Seeking IMF Loan
By Ahmed A Namatalla -
2012-01-17T13:16:03Z
Egypt’s credit default risk fell the most in more than seven months after the country officially asked the International Monetary Fund for a loan.
Five-year credit default swaps declined 25 basis points, the most on a closing basis since June 1, to 600 at 3:02 p.m. in Cairo, according to data provider CMA.
Egypt yesterday started negotiations with the IMF for a $3.2 billion loan to support an 18-month economic-reform program that it will propose in the next few weeks, the country’s minister of planning and international cooperation Fayza Aboulnaga said.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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