March 7, 2013

Egypt Is Sliding Toward Ruin

David Ignatius, Washington Post

AP Photo

 As the Muslim Brotherhood government slides toward the financial cliff, what is the right policy for the United States? That is becoming an urgent question, as Egypt's financial reserves decline and the country nears a new breaking point.

The economic facts are stark: Egypt's official foreign currency reserves in February were $13.5 billion, which would cover a little less than three months of imports. But U.S. officials say that accessible, liquid reserves total only $6 billion to $7 billion. Already, imports are harder to find, including the raw materials needed by Egyptian manufacturers. The Egyptian stock market tumbled 5 percent early this week, sensing danger ahead.

And what is the government of President Mohamed Morsi doing to halt the economic decline? Not a...

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TAGGED: Muslim Brotherhood, Mohamed Morsi, Egypt


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