I may not be brilliant, nor even very well educated. Indeed, even I don’t know how deep some of my pockets of ignorance may go.
But I do know how to spot sh!@ from shinola. Three weeks ago, soon after the Egyptian Finance Ministry claimed that it would reject the IMF’s three billion odd loan, half-backpedaling the next day, before forward pedaling again the next, I wrote:
[…] I think it’s still early to tell whether or not the Egyptian government is serious about this new non-Bretton Woods tack […]
Guess what? From Masry Alyoum:
Egypt’s finance minister-designate told Reuters on Tuesday […]
Hazem el-Beblawi, who has yet to take the oath of office, said he did not rule out the possibility of borrowing from the International Monetary Fund, after his predecessor negotiated a US$3 billion loan package that Cairo later turned down.
Asked if he would return to the IMF, Beblawi said he did “not rule out any possibility”.