Saudis Bail Out Egypt with $2 Bil

By Micah Halpern 

I've Been Thinking:

Saudi Arabia just committed to a gargantuan aid package to Egypt. I know, I know --- didn't Saudi Arabia make the same pledge last year?

Last year the Saudis pledged 3.7 billion but, because of the turbulence in Egypt, they never followed thru with the money.

This year, on Thursday, Saudi Arabia pledged $500 million in aid. They also committed to depositing $1 billion into the Egyptian Central Bank.

And, as if that was not enough, Saudi Arabia committed to supplying Egypt with $250 million worth of butane gas which is used for cooking.

Egypt has also asked the IMF for $3.2 billion in aid.

A presidential election is scheduled to take place in Egypt in a few weeks. Saudi Arabia will want to make certain that Egypt is stable before they send over that hard cold cash.

Micah@MicahHalpern.com

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