Iran, which supposedly is financially crippled by the sanctions the Obama administration has made the centerpiece of its policies to prevent it from acquiring nuclear weapons, is offering a credit line to Egypt. You may recall that the Obama administration supported the ouster of longtime American ally Hosni Mubarak, to make way for the so-called Arab Spring, bringing to power the Muslim Brotherhood and Muhamad Morsi, which has resulted in economic chaos so severe that the new president of Egypt is telling his people to eat less (shades of Michelle Obama!).
Iran's president on Wednesday offered to help rescue Egypt's troubled economy with a credit line, in another sign of improving relations between two regional powers after a freeze of more than three decades.
Besides oil, what can Egypt buy from Iran using a credit line? America is supplying new jet fighters, so the Iranians' much-ballyhooed new fighter would not be on its shopping list?
Cliff Thier points out that the US and Europe give billions to the IMF, and the IMF loans (with little expectation of repayment) billions to Egypt. And now Egypt may be doing its shopping at the Iranian bazaar.
Follow the money.