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Egypt Is Running Out of Money

(Asia Times-Hong Kong) Spengler - Egypt's liquid foreign exchange reserves have fallen to $9 billion, equivalent to just two months' imports. Foreign exchange futures markets expect the Egyptian pound to lose half its value during the next year, and Egyptians have responded by hoarding diesel fuel, propane gas and other necessities. Fuel supplies in Egypt are 35% below normal levels, according to local UN observers. "It has been three months since a fuel shortage hit Egypt, and people's patience is wearing thin amid fears the crisis could disrupt the production of subsidized bread," the UN-sponsored IRIN reported from Cairo on April 2. "Thousands of cars queue outside petrol stations from early morning, while long queues form outside gas cylinder centers."
2012-04-11 00:00:00
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