Friday, January 11, 2013

Nation in Distress: Egyptian Pound Plummets

Via Daily Time Waster

 

Egyptians are quickly losing the hopeful optimism that once fueled the revolution, as the economy deteriorates, dissatisfaction with the Brotherhood government grows, and security is still questionable.

$4.8 billion loan from the IMF depends on President Mohamed Morsi’s willingness to impose austerity measures, a move which could tip the scales into civil disorder, as Reuters reports:
With their patience already stretched after years of upheaval, Egyptians—from the capital Cairo to smaller towns like Zagazig—appear to be nearing the point where discontent could explode into a new wave of unrest.
“There is no security. There is nothing,” said Soheir Abdel Moneim, a retired school teacher, as she hurried through an open-air market in Zagazig [a city northeast of Cairo] in search of vegetables she could afford.
“The pound is falling. Everything is more expensive. Is there anything that has not become more expensive?” she asked with a shrug, as traders on bicycles loaded with their wares dodged through the chaos of the market.”

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