Satipo: "Let us hurry. There is nothing to fear here."
Indiana Jones: "That's what scares me."
--Raiders of the Lost Ark
Domestic markets resumed their upward trajectory last week after seemingly dismissing the uprisings in Egypt as a potential threat.
This weekend, however, it appears that confidence in the Egyptian financial system is suspect. The Egyptian stock market has been shut down for over a week. And people are lining up to withdraw funds from banks hesitant to open their doors.
Fiscally, government officials are signalling no end to subsidies and other goodies to citizens in the wake of rising food prices.
Confidence seems to be teetering on a delicate balance here.
position in S&P
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Yields on three-month treasury bills should be “not less than” 12.5 percent in upcoming auctions, up from 9.5 percent last month. The yield on the one-year bills may climb to 14 percent from 10.6 percent.
~Shahinaz Foda, the head of treasury at BNP Paribas Egypt
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