Interpreting Middle East Economic News and Analyzing Market Trends

Category: Egypt

Gulf countries celebrate demise of democracy in Egypt by giving $12 billion in aid, but there are other motives

Egypt Military Coup

Days after Egypt’s military threw out Mohammed Morsi and his cabinet, Gulf countries of Kuwait, Saudi Arabia and the UAE pledged $12 billion in aid to support the country and the economy.  One reason for this quick aid package is to show their displeasure with Morsi, but there are also other reasons…

 

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Egypt: 6 Charts and 2 Scenarios

This article is re-posted from Zerohedge.

The overthrow of President Mohamad Morsi by popular demand and supported by the army inaugurates yet another volatile episode in Egypt’s long and turbulent transition. Macro stabilisation in Egypt hinges on a swift and cohesive transition, and given the current bloodshed, that appears unlikely – which leaves Barclays ‘muddle-through scenario’ – where political/religious divides delay formation of civilian government – as the most likely; postponing fiscal reforms indefinitely, and undermining further the fiscal and debt sustainability of the already-troubled nation.

 

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ElBaradei, Egypt’s champion for democracy, couldn’t get elected in 2011 so jumps at chance to take on PM role (undemocratically of course)

  Mohamed ElBaradei, the former head of the International Atomic Energy Agency and Nobel Peace Prize laureate, lost the election in 2011 to Mohammed Morsi.  He has been a champion for democracy in Egypt during the Mubarak days and was spotted in Tahrir Square early on during the protest in 2011.  Since then, he’s gone on to search for a meaningful role to play in Egyptian politics.  Last week he thought he finally had his chance; the seat of Prime Minister was being offered to him.  However, there were a few bumps in the road…   

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Egyptians celebrate as democracy is taken away from them

Source: New York Times

 

Last night Egypt’s military kept its word and remove President Morsi and his Brotherhood party from office.  It was a swift military coup that saw the immediate removal of Egypt’s first democratically elected president in decades.  Egyptians cheered as the main thing they fought for during the revolution was taken away from them.   

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Tourists return to Egypt

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Tourists in Luxor, Egypt

With so much bad news coming out of Egypt, it’s good to hear some good news.  Morsi’s government is struggling to get the economy moving again since it was handed a mess of a country.  Now that Egyptians have their first elected president, instant miracles were expected to fix the country’s ills.  The slow pace has hurt Morsi’s party with the public, but he’s doing the right things and moving in the right direction.  Democracy takes time and patience, something many of the countries poor do not have.  One good sign, however, is tourism.  The numbers are on the rise…

 

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