{"id":652382,"date":"2017-01-08T04:04:04","date_gmt":"2017-01-08T04:04:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/08\/coptic-christmas-and-bankruptcy-are-the-big-stories-on-egypt-in-the-international-press-on-8-january-2017\/"},"modified":"2017-01-08T04:04:04","modified_gmt":"2017-01-08T04:04:04","slug":"coptic-christmas-and-bankruptcy-are-the-big-stories-on-egypt-in-the-international-press-on-8-january-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/08\/coptic-christmas-and-bankruptcy-are-the-big-stories-on-egypt-in-the-international-press-on-8-january-2017\/","title":{"rendered":"Coptic Christmas and bankruptcy are the big stories on Egypt in the international press on 8 January 2017"},"content":{"rendered":"

International media coverage of Egypt focused this weekend on the status of the nation\u2019s Christian minority<\/strong> heading into Coptic Christmas, with offerings from the Washington Post<\/a>, Los Angeles Times<\/a> and AFP<\/a> typical.<\/p>\n

The top business story of the weekend is bankruptcy<\/strong>, with Asma Alsharif\u2019s piece for Reuters<\/a> getting wide pickup. The CBE\u2019s decision to float the EGP without first covering importer backlogs has left many importers facing bankruptcy, she writes. Importers took out credit lines from their banks, depositing collateral of about 120% at the official rate of EGP 8.8 per USD, assuming the CBE would first cover backlog if it decided to float the EGP, like it did when it devalued the EGP in March 2016. The piece comes as the House of Representatives is discussing a draft bankruptcy and restructuring law recently approved<\/a> by the Cabinet that would scrap what amounts to debtor\u2019s prison for bankruptcy cases.<\/p>\n","protected":false},"excerpt":{"rendered":"

International media coverage of Egypt focused this weekend on the status of the nation\u2019s Christian minority heading into Coptic Christmas, with offerings from the Washington Post, Los Angeles Times and AFP typical. The top business story of the weekend is bankruptcy, with Asma Alsharif\u2019s piece for Reuters getting wide pickup. The CBE\u2019s decision to float […]<\/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":[7233],"tags":[2386,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-652382","post","type-post","status-publish","format-standard","hentry","category-egypt-in-the-news","tag-egypt-in-the-news","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"a0311f06-d833-4501-94fc-f5436259c580","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[652359],"teaser":"","voice_url":""},"yoast_head":"\nCoptic Christmas and bankruptcy are the big stories on Egypt in the international press on 8 January 2017 - 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\/2017\/01\/08\/coptic-christmas-and-bankruptcy-are-the-big-stories-on-egypt-in-the-international-press-on-8-january-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coptic Christmas and bankruptcy are the big stories on Egypt in the international press on 8 January 2017\" \/>\n<meta property=\"og:description\" content=\"International media coverage of Egypt focused this weekend on the status of the nation\u2019s Christian minority heading into Coptic Christmas, with offerings from the Washington Post, Los Angeles Times and AFP typical. 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Many families and some politicians, members of parliament, and government officials went to Christmas Mass in the Cave Church in Mokattam,\u2026","rel":"","context":"In "Image of the Day"","block_context":{"text":"Image of the Day","link":"https:\/\/enterpriseam.com\/egypt\/category\/image-of-the-day\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/557.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572658,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/egypts-cabinet-approves-changes-to-bankruptcy-code\/","url_meta":{"origin":652382,"position":1},"title":"Egypt\u2019s cabinet approves changes to bankruptcy code","author":"enterpriseam admin","date":"5 July 2020","format":false,"excerpt":"CABINET WATCH- Cabinet approves changes to Bankruptcy Act to further distinguish between creditors: Creditors will have more power to decide the future of bankrupt businesses if legislative amendments approved by the cabinet on Wednesday were to pass, Under the bankruptcy code, creditors would be able to vote on whether their\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\/7\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653001,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/24\/house-of-representatives-has-resumed-discussions-on-the-automotive-directive\/","url_meta":{"origin":652382,"position":2},"title":"House of Representatives has resumed discussions on the automotive directive","author":"enterpriseam admin","date":"24 January 2017","format":false,"excerpt":"The House of Representatives' Industry Committee has resumed discussions on the automotive directive after announcing earlier this month it decided to postpone its review of the directive \u201cpending further studies,\u201d according to Al Shorouk. The directive \u2014 which would give incentives to local assemblers to go further up the value\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543739,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/cbe-holding-the-line-on-new-import-rules\/","url_meta":{"origin":652382,"position":3},"title":"CBE holding the line on new import rules","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"The Central Bank of Egypt (CBE) is not about to reverse its decision requiring importers to get letters of credit (L\/Cs) for their purchases, CBE Governor Tarek Amer told the state-owned Middle East News Agency yesterday. 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