Tuesday, July 2, 2013

Egypt: Another Revolution?

From CNN:

Appearing to throw its weight behind an opposition that swarmed Cairo's Tahrir Square, the Egyptian military told the country's civilian government it has until Wednesday evening to "meet the demands of the people" or it will step in to restore order. In a statement carried nationwide on radio and television, the military called the 48-hour ultimatum "a final chance to shoulder the burden of a historic moment in our country." 
But a military spokesman said late Monday that the culture of the armed forces -- which dominated the country for decades -- "doesn't allow it to adopt the policy of military coups." The statement was meant to push all factions toward quick solutions and a national consensus, and the armed forces aren't looking to be part of the political or ruling circles, the spokesman, Col. Ahmed Ali, said in written statement.
OK.  That was quick.  Egypt's foreign exchange reserves (especially the dollar bill) have plumetted over the past couple of years.  It has been propped up by nations like Qatar and Libya with dollar loans and oil shipments for support.  This has lead to higher than expected inflation and lead Egypt to consider a $5 billion IMF loan.
Egypt's foreign exchange reserves.
So what does that mean - Egypt needs a secular government, established via military coup, to get the cash?

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