BREAKING: Egypt to Declare Bankruptcy in 3 Months! Stocks Tank 9.5% Sunday amid Deepening Political Crisis. Military Intervention Possible
November 26th, 2012
Member of the Board of the Stock Exchange: the market is experiencing its worst period in its history
Predicted «reconcile» Egypt announces bankruptcy within 3 months in the case of the continuation of the current situation, without taking serious measures to save the current position.
Egyptian shares drop 9 percent amid deepening political crisis
The bourse suspended trading for half an hour after intense selling by investors, a source at the exchange told AFP.
The drop comes as Egyptians have been deeply split by Morsi’s move to place his decisions beyond judicial scrutiny with rival rallies sparking violence in several major cities.
Sunday’s losses on the Egyptian Exchange’s EGX30 index are among the biggest since the turbulent days and weeks after the ouster of authoritarian leader Husni Mubarak last year, AP said.
Futures Trader Tweets:
“Egypt expected to declare bankruptcy in three months, who will bail them out? Iran? Hamas?”