Egypt’s Real Disaster: Away From Political Turmoil, An Economy In Free Fall -- Ashraf Khalil, Time
As Egypt's political crisis rolls on and a transitional government tries to steer a path different from that taken by ousted President Mohamed Morsi, the country's spiraling economy is at the top of the agenda
As interim Egyptian Prime Minister Hazem al-Beblawy works to fill out his fledgling Cabinet and return the country to something resembling stability, one of his most immediate challenges will be a task he, in theory, should be ably qualified to handle.
Al-Beblawy, a career economist and former Finance Minister, has assumed the reins of a country in economic free fall. The value of the Egyptian pound has plummeted to record lows, foreign-currency reserves have dropped to less than half of the $36 billion held by the regime of former dictator Hosni Mubarak before he was ousted in February 2011. The budget deficit has climbed to more than 11% of the country’s GDP. Tourism, one of the anchors of Egypt’s foreign-currency cash flow, has never truly recovered from the 2011 revolution.
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Commentaries, Opinions, And Editorials
Egypt Shows How Political Islam Is at Odds With Democracy -- Youssef Rakha, New York Times
Pyramid Scheme: Why $1.5 billion doesn’t buy Obama (or anyone else) that much influence in Egypt. -- Fred Kaplan, Slate
The Story Behind Syria and Egypt -- Jonathan Tepperman, New York Times
Egypt upheaval: What does US hope to accomplish in dispatching a diplomat? -- Howard LaFranchi, Christian Science Monitor
US attempts to resolve Egypt crisis fall flat -- Robert Tait, The Telegraph
Return to Lebanon: A country fighting someone else's war -- Nahed Abouzeid, BBC
Washington's Long History in Syria -- Ernesto J. Sanchez, National Interest
Biggest Fib Of The Year: China GDP Grows 7.5% In Q2 -- Gordon G. Chnag, Forbes
Obama’s broken commitment to human rights in Russia -- Fred Hiatt, Washington Post
US is becoming a dysfunctional giant -- Andres Oppenheimer, Miami Herald
Get Obama to Focus on Iran? Good Luck. -- Jonathan S. Tobin, Commentary
Is Edward Snowden blackmailing America? -- Peter Weber, The Week
Questions Build As Snowden Retreats -- Seth Mandel, Commentary
Canada is falling apart – and so is yours -- Margaret Wente, The Globe and Mail
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