NO. 49


Financial and Banking News

Gulf Crisis

President Bush Supports Forgiveness of Egypt's Military Debt

President George Bush is to ask the US congress to forgive Egypt's militarydebt to the US, estimated at $7.1bn. White House spokesman Marlin Fitzwaltersaid on 4 September that "the President simply feels that they (theEgyptians) deserve this forgiveness" but added that Bush's action did notset a precedent for other nations with debts to the US, although these...