US Backs Egyptian Bond Issuance, Gives New $1 Billion Issue "Sovereign Guarantee"

Submitted by Tyler Durden
05/23/2011 12:44 -0400
128 comments

Just because the US is having so much success convincing the world its debt is money good (but don't anyone dare count the $6+ trillion in GSE debt to the total US debt), the good old US of A has now decided to backstop the debt of... Egypt. Bloomberg reports: "Egypt plans to raise $1 billion by selling Eurobonds this year to diversify borrowing and finance a widening budget deficit after its economy was rocked by the worst political crisis in 30 years. The five-year bonds will be backed by a U.S. “sovereign guarantee,â€