Moody’s, a ratings agency, downgraded Egypt’s rating to one of its lowest rungs, reflecting the country’s high inflation and persistent foreign-currency shortages. Egypt’s sovereign debt is now graded on par with Nigeria’s and Bolivia’s. The country is trying to meet the terms of a $3bn bailout from the IMF. The fund is pushing for another currency devaluation, and wants Egypt to adopt a more flexible exchange-rate regime. (Plurk Paste)

Moody’s, a ratings agency, downgraded Egypt’s rating to one of its lowest rungs, reflecting the country’s high inflation and persistent foreign-currency shortages. Egypt’s sovereign debt is now graded on par with Nigeria’s and Bolivia’s. The country is trying to meet the terms of a $3bn bailout from the IMF. The fund is pushing for another currency devaluation, and wants Egypt to adopt a more flexible exchange-rate regime.

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