January 22, 2013
Still in Denial About Egypt's Economy
David Goldman, Asia Times
Denial, it turns out, really is a river in Egypt. I refer not to the world's longest waterway, but the world's largest outpouring of pious expressions of confidence in Egypt by American and European politicians. Infusions of real cash, to be sure, could delay Egypt's deterioration into a failed state, but not by long, because the country requires more than US$20 billion a year simply to meet its basic needs, and Western governments will not provide that much money.