Editorial: Downward spiral (12)

The latest news coming out of Egypt reveals that the country is experiencing nothing short of a catastrophe.

Among the original demands of the protesters in Tahrir Square were for better living standards and employment, alongside a strong desire for political freedom. But today at least 20 percent of Egyptians are still living under the poverty level, with unofficial estimates closer to 35 percent. Almost continuous protests for and against the interim government, and the violent response such demonstrations have triggered have brought the country to near paralysis.

Egypt has long depended on tourism, investments and industry to keep afloat, and the ongoing volatile security situation is damaging all of these key sectors.

The immediate euphoria which followed the ouster of President Hosni Mubarak in February has proven short-lived. Violence, which has simmered since the first round of elections in late November, has flared up again, with 13 dead over the last few days alone.

Almost inevitably Moody’s ratings agency downgraded Egypt Wednesday, with the national credit risk second only to Greece.


See Also:

Egyptian activists call mass rally against army rule

Afternoon Updates:

12:25 pm EST, December 23rd, 2011 — Moody’s downgrades Egypt to B2

12:29 pm EST, December 23rd, 2011 — Is Egypt Flying Apart at the Seams?

12:35 pm EST, December 23rd, 2011 — Crowds mass in Cairo’s Tahrir Square in protest of army

1:53 pm EST, December 23rd, 2011 — Egypt may need up to $15 bn from IMF to avoid crunch

2:57 pm EST, December 23rd, 2011 — Egyptian Military Adviser Calls Attack on Woman Justified

3:01 pm EST, December 23rd, 2011 — Pro- and anti-army Egyptians rally in Cairo; Muslim Brotherhood’s FJP leads in polls

3:36 pm EST, December 23rd, 2011 — Baird lashes out at Egypt’s ruling military

Background Info From Spengler

December 2nd, 2011: Corruption and Islamism in Egypt

November 25th, 2011: Looting the Egyptian Currency —  Democracy in Action

November 22nd, 2011: Egypt and Turkey — Middle East Basket Cases


This is not going to end well.

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