January 11, 2013
HOW’S THAT ARAB SPRING WORKIN’ OUT FOR YA? (CONT’D): Nation in Distress: Egyptian Pound Plummets. “The Egyptian economy fell into disarray when Morsi, fearing a public backlash against the terms and conditions, initially postponed the IMF deal. The Egyptian pound crashed and foreign reserves ran out, driving up prices for basic goods. As the pound continues to fall, Qatar has offered something of a band-aid in the form of a $2.5 billion loan, but real stability depends on IMF involvement. . . . What is clear is that Morsi and his government don’t have the answers. The Muslim Brothers have spent most of their short time in government settling old scores and consolidating their grip on power instead of making allies and moving the country forward.” Good thing nothing like that could happen here.