This won't end well...and this time the nation has > 80M citizens.... the best the world can reasonably hope for at this point is substantial interest rate increases from the Fed.
Egypt may approach the International Monetary Fund within days to seal a $12 billion loan deal, central bank Governor Tarek Amer said, hours after taking the unprecedented step of floating the pound to attract investments and ease a dollar shortage hobbling the economy.
Amer, speaking in a televised news conference on Thursday, said the central bank’s measures aim at restoring investor confidence by ending a black market for dollars. He touted the central bank’s ability to marshal more than $16 billion in financing from various sources to plug Egypt’s budget deficit in the fiscal year ending June 30.
BREAKING: Egypt devalues currency by 48 percent, meeting key IMF demand for a $13 billion loan. https://t.co/IIH8Q14HK1— The Associated Press (@AP) November 3, 2016