Removing Mubarak was not only morally reprehensible, but likely contributed to their ‘ailing’ economy.
I’ve never heard of a 48% devaluation in one fell swoop before. Pretty draconian. The situation must be dire.
Can they even feed themselves, as a country? I thought that was one of their big problems.
A quick read of the article reveals the following phrases:
“official market”
“inflationary fallout”
“unofficial currency market”
“state subsidies”
“ration card holders”
“Regulations governing importers of non-essential goods”
“state owned companies”
Yep. I think I see the problem. Scads of government interventions in the marketplace, no doubt to achieve fairness and other praiseworthy goals, which have acted as hidden taxes on the productive sector of the economy.
Economics is hard.