Obrigações super high yield

[Virtua]

Sobre o que tinha dito sobre o facto que a moeda local pode afectar a capacidade de pagar noutra moeda.

https://www.bloomberg.com/news/articles ... cy-squeeze

Aqui está um bom resumo da notícia feito pelo chat GPT (Honestamente até mais compreensível que a notícia original):

Egypt's credit rating was downgraded further into junk by S&P Global Ratings due to a severe shortage of hard currency. The rating is now at B- from its previous B. This puts Egypt in the same category as countries like Bolivia, Angola, and Iraq. S&P cited repeated delays in the implementation of monetary and structural reforms as reasons for the downgrade. These delays negatively impact the currency market, bank assets, and delay vital financing from entities like the IMF.

S&P had earlier changed Egypt's outlook to negative in April, warning of potential hesitancy from wealthy Gulf Arab states in providing funds. The statement reiterated these concerns, emphasizing that Gulf states are now more focused on conditions and returns in their financial decisions.

Last year's Russian invasion of Ukraine had significant repercussions on Egypt's economy, leading to massive outflows of foreign funds and soaring inflation. Moody's, another rating agency, has also recently downgraded Egypt's credit score due to limited policy options to stabilize the economy without causing social unrest.

Egypt faces challenges in securing the IMF's approval for a $3 billion rescue program, with concerns about a potential default. The IMF wants to see genuine flexibility in Egypt's currency. While talks are ongoing to increase this loan to over $5 billion, only a small fraction of the original $3 billion has been released.

The IMF's managing director, Kristalina Georgieva, highlighted the urgency for Egypt to devalue its pound to protect its reserves. However, a devaluation decision is politically sensitive, especially with the upcoming December elections, which President Abdel-Fattah El-Sisi is expected to win. The president previously warned against another devaluation, considering its potential adverse effects on Egypt's population of 105 million.

P.S. => Dito isto o FMI tendo sido históricamente das piores instituições no que diz respeito a recomendações económicas. (Lembro-me de ter lido isso quando andava na faculdade há 20 anos e o track record não tem melhorado entretanto).