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The International Monetary Fund (IMF) came under fire this week for negotiating a $3.2 billion loan with Egypt’s army council and interim Cabinet, seen by some activists and youth movements as “unrepresentative” of the people.
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The Popular Campaign to Drop Egypt’s Debt held a conference Saturday to demand that the government leave the decision to accept the loan up to the incoming parliament, set to convene for its first session on Jan. 23.
Last week, German Finance Minister Wolfgang Schaeuble indicated readiness to accept a soft restructuring and bond exchange which would defer interest payments on Greek sovereign debt. He sent a letter to colleagues in the euro countries indicating this. However, since that time, central bankers have expressed disquiet over this policy approach.
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