"Egypt is facing its deepest political crisis since February 2011. On Sunday, the Supreme Constitutional Court ruled that both the election to the Shura council, the country’s upper house, and the appointment of a panel charged with drafting the new constitution were unconstitutional. Although no one can predict the exact reverberations of these decisions, they are a reminder of the threat dysfunctional politics represents to the future of the Arab world.
Egypt is staring into a deep economic abyss. The heavily indebted government uses one third of its spending to subsidize prices of fuels and foodstuffs. Most of the benefits of subsidies accrue to wealthier households and big businesses. The imports of subsidized commodities are draining away the country’s foreign reserves, which are at historically low levels."
'via Blog this'
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