The Economist, January 28th issue, p. 43 offers this horrendous picture of near-poverty for the middle class Egyptian. The private sector of the economy has suffered from inflation and business contraction.
The military has its own vast enterprises. The government is involved in several businesses. Now, apparently, it's the IMF to the rescue. Is it possible to stave off the creditors?
Unlikely. It's reported that Gulf States are buying Egyptian enterprises on the cheap.
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