28 December 2012

Egypt Cancels Auction On T-Bills

Egypt canceled an auction on 182-day and 364-day treasury bills that was supposed to take place on Thursday.

The auction aimed at raising six billion pounds and it was the first debt sale after a rating cut at Standard & Poor's raised borrowing costs in the country.

S&P cut Egypt to B-, six steps below investment grade, on concern escalating political instability will hinder the nations ability to restart the economy, according to a Bloomberg report.

The unrest led Egypt to ask the IMF to delay its decision on a $4.8 billion loan.

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