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Response to riderinthestorm (Reply #51)

Sun Nov 25, 2012, 10:41 PM

53. So, The US told Egypt not to pay what Egypt can NOT pay.

That is what debt relief to third world countries generally amounts to, the US forgives them for debts they can never pay back, more to avoid a default that will harm US Banks (By forcing them to acknowledge the debt is noncollectable) then anything to help Egypt.

Remember the biggest banks in the US are insolvent (i.e. their assets and less then their liabilities). The US does NOT want to acknowledge that fact, preferring to delay any acknowledgment in the hopes the banks will some how find out a way out of the mess they are in. The US Treasury has bent over backwards to aid the US Banks as to Housing in the US (Even while telling homeowners they must pay they mortgages) and the last thing the US wants is for any third world country to declare itself insolvent at the present time. The effect on the US Banks would be enormous, even if the debt it owned the US Government instead of the US Banks.

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Hissyspit Nov 2012 OP
Turbineguy Nov 2012 #1
dipsydoodle Nov 2012 #2
rivegauche Nov 2012 #3
dipsydoodle Nov 2012 #6
happyslug Nov 2012 #8
dipsydoodle Nov 2012 #12
John2 Nov 2012 #17
happyslug Nov 2012 #48
riderinthestorm Nov 2012 #27
JackRiddler Nov 2012 #38
riderinthestorm Nov 2012 #44
happyslug Nov 2012 #49
riderinthestorm Nov 2012 #51
LineLineLineLineLineLineNew Reply So, The US told Egypt not to pay what Egypt can NOT pay.
happyslug Nov 2012 #53
Dubster Nov 2012 #4
robinlynne Nov 2012 #5
TomClash Nov 2012 #7
iandhr Nov 2012 #15
Scootaloo Nov 2012 #19
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King_David Nov 2012 #52
Kingofalldems Nov 2012 #9
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dipsydoodle Nov 2012 #14
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glacierbay Nov 2012 #26
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glacierbay Nov 2012 #32
Hissyspit Nov 2012 #42
nauthiz Nov 2012 #34
ellisonz Nov 2012 #35
Scootaloo Nov 2012 #50
azurnoir Nov 2012 #36
ellisonz Nov 2012 #37
azurnoir Nov 2012 #40
ellisonz Nov 2012 #41
LeftishBrit Nov 2012 #33
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riderinthestorm Nov 2012 #46
oberliner Nov 2012 #47
sarcasmo Nov 2012 #54
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