$800 million

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Major Thom
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$800 million

Post by Major Thom » Tue Nov 15, 2016 7:41 am

Egypt are in advanced talks with Europe for a $800,000,000 loan to support the welfare system while going through the turbulent times and help support the people living in poverty. Yet more borrowed money. I presume they realize this and the multi billion dollar loan from the IMF has to be paid back. There has been no announcement of austerity measures and how Egypt will raise the money to pay all this money back. There may be some even more turbulent times ahead. This loan report can be seen on the site Egyptian Streets. It may be a good job that many do not own computers and never see these snippets of news.



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Re: $800 million

Post by newcastle » Tue Nov 15, 2016 7:53 am

Major Thom wrote: It may be a good job that many do not own computers and never see these snippets of news.
Well.....we can always rely on you to keep us abreast of the "news" :urm:

Keep up the good work :wi

I don't suppose your average poor Egyptian has a computer or a clue about Egypt's economy but they'll have noticed the price rises across the board.

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Re: $800 million

Post by Who2 » Tue Nov 15, 2016 9:02 am

A mere drop in the ocean compared to the UK.... 8)
2015 UK government debt amounted to £1.56 trillion,
"The Salvation of Mankind lies in making everything the responsibility of All"
Sophocles.

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Re: $800 million

Post by newcastle » Tue Nov 15, 2016 10:06 am

$800,000,000 sounds a lot but, even if targeted at Egypt's low income families, you're talking about $20 per person.

Or sustenance for 10 days.

Tesco would have difficulty in describing that little as helpful.

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Re: $800 million

Post by A-Four » Tue Nov 15, 2016 10:48 am

If we look at the initial loan requested and agreed during the Mubarak era, the I.M.F. set out the agreement as follows, 1). A freeze on all civil service pay rises for five years, allowing only interest free loans, and as a percentage of annual pay. 2). A new and increased form of V.A.T., and a more effective collecting system, similar to the U.K. method. 3). Full implementation of the new property tax. 4). A slight required reduction on subsidies but not to seriously effect the very poor.

The problem is, that was then, when the required loan was $3 Billion. Five years down the road the loan is now $12 Billion. As I warned on here then, I do so now again,.............there may be trouble ahead, but while.......................................... :wi .

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Re: $800 million

Post by Major Thom » Thu Nov 17, 2016 6:33 am

The difference is Dr at the time and still, the UK have a real and proper tax system that brings money into the coffers, and also they have industries supporting the economy and business's paying tax. Egypt has no income tax system, or any other form of tax system apart from tax at source, to bring money in. The money to repay these loans will have to come from somewhere.

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Re: $800 million

Post by carrie » Thu Nov 17, 2016 6:37 am

Egypt does have an income tax system ask any Teachers etc.

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Re: $800 million

Post by newcastle » Thu Nov 17, 2016 7:03 am

According to government figures (for what they're worth) revenues from income tax amounted to 162 billion EGP in 2014/15 out of total tax revenue of 364 billion EGP.

There are,of course, enormous problems with the tax collection process and the substantial "black economy" goes largely untaxed.

http://english.ahram.org.eg/NewsContent ... ing-F.aspx

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Re: $800 million

Post by Major Thom » Thu Nov 17, 2016 12:32 pm

Yes its a big problem for them Newc.

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Re: $800 million

Post by newcastle » Thu Nov 17, 2016 1:35 pm

Major Thom wrote:Yes its a big problem for them Newc.
Just curious (Keefy?)....how come your "posted from" flag is showing USA?

Has Trump called on you to help form his cabinet? :lol:

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Re: $800 million

Post by carrie » Thu Nov 17, 2016 2:31 pm

Well you know how some people like to pretend that they are somewhere else. :lol:

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Re: $800 million

Post by Brian Yare » Thu Nov 17, 2016 5:28 pm

Are you suggesting that somebody is using a VPN?

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Re: $800 million

Post by DJKeefy » Thu Nov 17, 2016 5:53 pm

Probably using a VPN, if not, then it could be a IP range that was once used by the USA but now used by EGYPT.
Image

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Re: $800 million

Post by Major Thom » Fri Nov 18, 2016 5:53 am

Sorry but your all wrong I am using a Dell Inspiron N Series, I have used Dell for years and update every 4 years.

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Re: $800 million

Post by Who2 » Wed Nov 23, 2016 5:07 am

New news out today:
£1,640,000,000,000: That's the record debt now owed by Britain...and it's up from £500bn a decade ago.... 8)
"The Salvation of Mankind lies in making everything the responsibility of All"
Sophocles.

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Re: $800 million

Post by Major Thom » Wed Nov 23, 2016 5:34 am

A mere drop I the Ocean compared to the USA. I was talkng to my cousin in Pensylvania a couple of days ago and her husband is sure the US deficit will rise further. Frightening!!

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Re: $800 million

Post by newcastle » Wed Nov 23, 2016 7:21 am

Who2 wrote:New news out today:
£1,640,000,000,000: That's the record debt now owed by Britain...and it's up from £500bn a decade ago.... 8)
Debt 1.7 trillion GBP?

Not to worry....our assets are around 8 trillion GBP.

And we can well afford the interest payments with a debt/GDP ratio of 90%.

I wish my personal finances looked as good :lol:

In my days as a financial advisor in the City, one of the most difficult tasks was curing clients of their primaeval fear of debt.

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Re: $800 million

Post by Who2 » Thu Nov 24, 2016 5:09 pm

"Whoops a daisy" a blink of your you eye and it's up again.
Not to worry says' our very own finance expert MT.... 8)
http://www.telegraph.co.uk/business/201 ... ion-2020s/

Ps: A real and proper tax system ? really ? Not a system Iv'e ever been used to.
"The Salvation of Mankind lies in making everything the responsibility of All"
Sophocles.

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