Is Egypt Going Bankrupt under Morsi?

San Francisco Chronicle

1. Egypt's central bank: reserves at "critical" level
   

   Houston Chronicle ‎- 34 minutes ago

   CAIRO (AP) — The Central Bank of Egypt says the country's foreign currency reserves are at a "critical" minimum level. The bank said in a ...

   • News >
   • World News

   Egypt's central bank: reserves at "critical" level

   By AYA BATRAWY, Associated Press | December 29, 2012 | Updated: December 29, 2012 10:55am

   • Comments 0
   • E-mail
   • Print

   Ads by Google

   • $1,344 in Dividends/MonthI'm making 30 dividend checks/month with stocks yielding up to 13.2%. www.GlobalDividends.com

   • 

   • 
   • 
   • 
   • 
   • 
   • 

   In this image made from Egyptian State Television, Egyptian President Mohammed Morsi speaks at the Shura Council, the country's upper house of parliament, in Cairo, Saturday, Dec. 29, 2012. Photo: AP / AP

   CAIRO (AP) — The Central Bank of Egypt says the country's foreign currency reserves are at a "critical" minimum level.
   The bank says reserves are at the minimum level needed to pay Egypt's international obligations. It did not give a current figure. In statistics from November, the reserves stood at $15 billion, less than half what they were before last year's uprising, even with help of deposits from Qatar.
   The bank said in a statement Saturday that it has introduced a new auction system for buying and selling U.S. dollars after a rush by Egyptians to sell the pound in exchange for dollars over concerns of devaluation.
   Reserves have tumbled since foreign investment dried up amid the country's turmoil the past two years. Much of the reserves have gone toward propping up the currency.
   

   end quote from:

   Egypt's central bank: reserves at "critical" level