{"id":626562,"date":"2018-07-05T04:02:14","date_gmt":"2018-07-05T04:02:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/could-egypt-go-the-way-of-argentina\/"},"modified":"2018-07-05T04:02:14","modified_gmt":"2018-07-05T04:02:14","slug":"could-egypt-go-the-way-of-argentina","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/could-egypt-go-the-way-of-argentina\/","title":{"rendered":"Could Egypt go the way of Argentina"},"content":{"rendered":"

<\/a> On the flipside, Capital Economics is warning that Egypt may go the way of Argentina. <\/strong>The reason? Egypt\u2019s large foreign currency debt, which Capital estimates to be at around 30% of GDP at the end of 2017, up from less than 15% of GDP in 2015. \u201cLarge foreign currency debt burdens have been at the heart of the problems that have afflicted a number of emerging markets in recent years, most recently in Argentina. One of the main reasons why a build-up of sovereign foreign currency may be a source of concern is that it leaves the government exposed to swings in the exchange rate,\u201d notes the report. \u201cIf the EGP weakens, that pushes up the local currency cost of servicing hard currency debt,\u201d says Capital Economics.<\/p>\n

That said, the risks of turning into another Argentina through a destabilising fall in the currency appears to be low<\/strong>, especially following the EGP float in 2016, notes the report. Furthermore, the government has the IMF Extended Fund Facility to keep it grounded in its fiscal consolidation measures.<\/p>\n

Any slip-ups in the reform agenda could risk a slide of Argentina proportions:<\/strong> \u201cAny signs that progress on fiscal consolidation is stalling and that the shift towards more orthodox policymaking is going into reverse would cause investors to take flight and put renewed pressure on the pound,\u201d the report noted. It added that Egypt\u2019s FX debt-to-GDP ratio, coupled with its already precarious fiscal situation puts it on a very slippery slope should that risk come to pass.<\/p>\n

(We are unable to link to either report for copyright reasons)<\/p>\n","protected":false},"excerpt":{"rendered":"

On the flipside, Capital Economics is warning that Egypt may go the way of Argentina. The reason? Egypt\u2019s large foreign currency debt, which Capital estimates to be at around 30% of GDP at the end of 2017, up from less than 15% of GDP in 2015. \u201cLarge foreign currency debt burdens have been at the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626562","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1372e11b-8e80-4738-b31f-f5cf776eb8d7","order":"0","is_powered_by":true,"section_story_id":"a3795e0a-f49a-47e2-8dea-97c6fac91b20","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626551],"teaser":"","voice_url":""},"yoast_head":"\nCould Egypt go the way of Argentina - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/could-egypt-go-the-way-of-argentina\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could Egypt go the way of Argentina\" \/>\n<meta property=\"og:description\" content=\"On the flipside, Capital Economics is warning that Egypt may go the way of Argentina. 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There are obvious downside risks to external debt, including \u201croll-over risks \u2014 if risk appetite deteriorates, it can become much more difficult to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/156.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621445,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/08\/egypt-is-the-fourth-most-vulnerable-to-the-em-zombie-apocalypse\/","url_meta":{"origin":626562,"position":1},"title":"Egypt is the fourth most vulnerable to the EM Zombie Apocalypse","author":"enterpriseam admin","date":"8 November 2018","format":false,"excerpt":"Egypt is one of the countries most vulnerable should the EM Zombie Apocalypse bite again,according to study by Bloomberg Economics. Turkey was the most vulnerable, followed by Argentina and South Africa. Thailand and Saudi Arabia are the least vulnerable of the 20 nations included in the study. What\u2019s the methodology?\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1959.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594319,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/27\/egypt-to-be-the-regions-star-performer-in-2020-capital-economics\/","url_meta":{"origin":626562,"position":2},"title":"Egypt to be the region\u2019s \u201cstar performer\u201d in 2020 -Capital Economics","author":"enterpriseam admin","date":"27 October 2019","format":false,"excerpt":"Egypt to be the region\u2019s \u201cstar performer\u201d in 2020 -Capital Economics: Egypt will be the MENA region\u2019s \u201cstar performer\u201d in 2020 as the central bank continues to cut interest rates and the government loosens fiscal policy, William Jackson, chief EM economist at Capital Economics, wrote on Thursday. GDP will grow\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/660.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631494,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/20\/egypt-to-be-upstaged-by-other-ems-as-rates-drop\/","url_meta":{"origin":626562,"position":3},"title":"Egypt to be upstaged by other EMs as rates drop","author":"enterpriseam admin","date":"20 March 2018","format":false,"excerpt":"Dropping yields in Egypt could mean that fixed income investors will be moving to other emerging markets. Egypt is losing ground as a top haven for emerging market debt investors and interest rate cuts could make its short-term treasuries less attractive to foreign buyers in coming months, a report by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/3\/1119.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572262,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/","url_meta":{"origin":626562,"position":4},"title":"Portfolio investors warming to Egypt as EGP proves more flexible","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Portfolio investors warming to Egypt as EGP proves more flexible: There are signs that foreign investors may be warming to Egypt after the EGP eased a bit against the USD, Bloomberg reports, writing that \u201ca stable currency and elevated interest rates have kept Egypt\u2019s bond market humming for months\u201d and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630175,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/","url_meta":{"origin":626562,"position":5},"title":"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? \u201cEgypt is bucking the conventional wisdom when it comes to gauging a country\u2019s ability to repay its debt,\u201d writes Bloomberg\u2019s Ahmed Feteha. 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