1. ECONOMY

    U.S. Plans $1B Cut to Egypt’s Debt

    Egypt's newly elected President Mohamed Morsi addresses officials and heads of states on July 15, 2012 during the opening of the African Union summit in Addis Ababa. African leaders hold a summit to discuss the continent's hotspots and try to agree on a new head for the African Union's executive body after a deadlocked vote in January. AFP PHOTO/SIMON MAINA        (Photo credit should read SIMON MAINA/AFP/GettyImages)

    Simon Maina, AFP / Getty Images

    The United States will trim $1 billion from Egypt’s debt to help stimulate democracy in the country, officials in the Obama administration said. The debt agreement comes as the U.S. jostles with other nations, including China, to gain a hand in Egypt’s future, even as political turmoil within the country continues to cause uncertainty. America promised aid for Egypt’s economy nearly a year and a half ago, and the country is seen as an important bulwark against instability in the region, particularly in countries like Syria. Egyptian President Mohamed Morsi has denounced Bashar al-Assad’s violent putdown of a 17-month popular uprising.

    Read it at The New York Times