The Economics of Egypt’s Coup
Egypt is forming an economic dependence on funds from Saudi Arabia and the UAE that spells economic disaster for the vast majority of ordinary Egyptians who will be left paying the price.
As Egypt inches towards the first anniversary of the July 3 overthrow of president Mohamed Morsi, the economy continues to flounder. The military-backed government promised stability, but it won’t deliver this through reverting to failed Mubarak-era policies and relying on handouts from Gulf Security Council (GCC) states.