Tuesday 15 January 2013

Egypt wrestles with economic decline - FT.com

Egypt’s Muslim Brotherhood battled repressive regimes for decades. It took on the military council after the 2011 revolution. And, most recently, it wrestled with its liberal rivals to impose its preferred version of a democratic constitution. Nothing, however, has prepared it for the biggest fight of all – against Egypt’s economic decline.
For weeks, the government of the Islamist president, Mohamed Morsi, has struggled to address the pressure on the Egyptian pound, as the political clashes in Cairo at the end of last year and the chaotic handling of economy since the ousting of Hosni Mubarak took their toll.
The pound has lost more than 5.5 per cent of its value since late December and the slide has not been halted despite a $2.5bn financial lifeline from Qatar.
Egypt wrestles with economic decline - FT.com: "

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