The U.S. cut of credit rating threatens a new international financial crisis worldwide according to economic expert, Dr. Mustafa al-Nasharty. He added the U.S. institution Standard and Poor took the decision to cut credit rating due to the U.S. Department of Treasury's decision to raise public debt over 100 percent of the GDP. Al-Nasharty said the decision will lead to a decline in the market value of the U.S. treasury bills and bonds over 10 percent, saying investing in these tools will achieve about two percent gain annually. He stressed the risk is likely to be non-existent since such investments attract the states, governments and the financial and banking institutions. Al-Nasharty added Egypt's banks will lose at least a billion EGP (U.S. $168 million) as a result of the U.S. decision cutting credit rating. He clarified about 25 percent of Egyptian deposits were invested in the U.S bills and bonds so Egyptian banks must pay the difference or will result being included in the mentioned cut. On the other hand, al-Nasharty demanded suspending investigation of Egyptians money to avoid repercussions of the foreign crises that could lead to high loss, which should be afforded by Egyptian banks. Al-Nasharty demanded Egypt's Finance Minister, Hazem al-Biblawy, to interfere in protecting Egyptian money abroad. He advised the government to recruit Egyptian money in development projects to achieve objectives of the January 25 Revolution as Talaat Harb did after the 1919 revolution when he nationalized Egyptian banks.
