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Yusuf Butros Ghali on Religion and Maspero
The article presents the opinion of Dr. Youssef Botros Ghaly, the economist and former Minister of Finance, regarding the proposal to exchange state assets to settle the domestic public debt. Ghaly rejected the idea, explaining that transferring debt to another party, such as public assets, simply shifts the debt burden onto the new party. He emphasized that the fundamental approach should be investment, not barter. He also confirmed that supporting debt burdens through assets like land is not feasible due to the lack of significant returns, and transferring the burden to the Central Bank is impossible because it would just lead to money printing and consequently increased inflation. Ghaly pointed out that the "Maspero" experience, where its debts were transferred to the National Investment Bank, demonstrates that transferring public sector debts is ineffective without compensation. He stressed that there are no magic solutions; instead, real investments and tangible returns are necessary to address these issues.
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