Main Page - Latest News

online casino

Obama & Sarkozy: We must provide $40 Billion for "Arab Spring."

Obama and Sarkozy used the G8 summit to call for a $40 Billion windfall for Egypt, Tunisia, and any other Arab nation who overthrows its “autocratic regime.” American taxpayers would foot the majority of that expense. Obama already is using American tax dollars to pay for 50% of the Egyptian military and is preparing to shower Egypt with a multi-Billion dollar “bailout” from the US taxpayers.

From Yahoo Finance…

But the overall message from President Barack Obama and the other G-8 leaders meeting in this Normandy resort appeared to be warning autocratic regimes in the Arab world that they will be shut out of rich-country aid and investment, while new democracies are encouraged to open their economies.

Tunisia’s finance minister said French President Nicolas Sarkozy floated the $40 billion figure at talks Friday, in which the prime ministers of Tunisia and Egypt joined the G-8 leaders and appealed for help after uprisings earlier this year that overthrew longtime autocrats but also scared away tourists and investors.

A French official says $40 billion is the overall goal, but that breakdowns by country and timetables are still under discussion. The official was not authorized to be publicly named according to his office policy.

A group statement from the G-8 leaders said that $20 billion from international development banks could go to Egypt and Tunisia over the next three years.

Beyond the institutional funding, the French official said the aim was for another $20 billion from bilateral support from G8 members as well as from rich Persian Gulf states and others.

“We are really very satisfied by the very strong, very clear, very precise declarations that have come from all the G-8 nations and financial institutions — bilateral agencies and development banks,” Tunisian Finance Minister Jaloul Ayed told reporters in Deauville. He said foreign ministers and finance ministers from the countries involved were expected to meet between now and early July to flesh out details of the aid package.

Tunisia’s government said it was asking the G-8 for $25 billion over the next five years, and Egypt says it will need between $10 to $12 billion for the fiscal year that begins in July to cover its mounting expenses.