Egypt on the brink of financial collapse

Score another for the Morsi regime, or what's left of it. The Egyptian Stock Exchange is in turmoil over Morsi's sweeping power grab. This could lead to the financial collapse of Egypt and very possibly civil war.

http://english.alarabiya.net/articles/2012/11/25/251743.html

 

Morsi has done his country enormous harm.

Anyone want to go visit on holiday anymore?

Tourism is shot.

Yet government shills still keep on about how suspending the powers of the courts to challenge government action is a good thing.

I have also noticed that such shrills are calling protestors "thugs" - funny but this term is always used by dictators to silence opposition.

no one is buying it and rightly.

 

Hell whenever I look at the situation the country is in I think "well it can't possibly get any worse then this , yet somehow it always does." . At least I'm witnessing some very interesting times and as Bruce Wayne said "the night is darkest just before the dawn" .

Quoting Batman on a political forum never thought I'd do that.

 

Egypt hasn't reached nightfall yet. It's likely to get much worse before it gets better.

 

Well it's been in the dark for 500 years we can withstand a few more decades as long as the country is going in the right direction.

The only way it gets worse is if all out civil war breaks out that hasn't happened in 7000 years of history and don't think it will now.

 

Why wouldn't it?

Do you think you guys have a real shot at democracy or will you have to settle for another Murabak?

 

Financial collapse is not the end of the world , countries have gone bankrupt now and again SFW ?

 

It's just that some here really want Egypt to fail.

 

But is Egypt "going in the right direction?" Morsi has assumed the role of supreme ruler. He has suspended law and usurped authority. Five of his ministers have quit because of his power grab.

Frankly, I see Egypt speeding towards anarchy and financial collapse.

 

On the contrary, it must succeed but that is something that no one here can influence.

 

The posters know themselves.

 

I'm not worried about a new dictator right now , that's not going to ever happen again . What worries me now is having the country go through protests every time an elected president does something some people don't like .

For there to be a legitimate democracy in this country there has to be a sufficient level of education within the country right now we're not there , but there is a sort of flock democracy taking place right now and day by day the people are gaining more political awareness.

 

I disagree. I don't think that anyone wants Egypt to fail either politically or economically. What many do want is for Morsi to restore democratic and representative government responsible to the people. Instead Morsi insists on he being the only rule of law in Egypt. That makes Egypt's failure almost a certainty.

 

But that is democracy Kholief. You guys had better get used to it.

 

Goomba falsely interprests criticism as Schadenfreude. What he fails to see, is the gift in that criticism. It seems to me that Eygptians need to bear in mind how uncomfortable democracy is. And we are the ones reminding them of that. They'll thank us later.

 

Very mysterious of you Goomba....LOL

 

Are they the same thugs who have been out sexually assaulting Egyptian women, or are those thugs on the other side?

 

I doubt anyone knows anymore. Anyway as soon as our resident Egyptians stop seeing this as a "sides" thing, the better. Democracy cannot afford to label anyone a thug.

 

No one knows since the Egyptian police are so incompetant that they have cought even one of the criminals. In fact they even participate in the assaults.

 

Yup. We did. And I can thoroughly recommend it. My wife and I just returned from two weeks at Marsa Alam on the Red Sea. The hotel was full to the brim with Europeans. Not a 'Murkan in sight.

HOWEVER, 'antiquities' (Nile) tourism - where the 'Murkans focus on - has plummeted. Egypt will indeed hurt financially from Morsi's silly antics.

During our trip I learned a few interesting things; not sure if they are all true:

# A Coptic christian guide told us that their numbers in Egypt were much higher than those quoted by the authorities; according to church records over 20 millionn. Who knnows what the real figure is.
# All Copts who I spoke to said that (contrary to Islamaphobic posts on this forum) they had lived in harmony with the Muslims. In one case a Copt divemaster shared a room with a Muslim and had done so for 3 years.
# Every single Copt said that for the first time, with Morsi's rise to power, they felt distinctly uneasy
# HOWEVER, all but one Muslim that I spoke to said exactly the same
# Many pointed out that Morsi only received 26% of the popular vote during the first round of the election process

Complicated .... right?

 

It must have been dirt cheap huh? LOL

Erm I am not American so you need not worry with your "'Murkan" gags.

I am German and I am very aware that the ministry of tourism here is calling for Germans not to travel to Egypt - so whoever is going, it isn't the typical families that used to (I have been there a number of times).

Yes it is complicated and I feel bad for those who were so hopeful that it would be an easy thing. South Africa did much better.

 

Economic considerations should always be looked at in aggregate. For Egypt, that means that tourism is down sharply (their number one economic sector) and so is investment (foreign AND domestic). Given the level of debt Egypt was already carrying, this is not a trend that can be continued for much longer without serious consequences for whatever Egyptian government is in power.

 

Welcome to the rest of the world...

 

Things don't work that way anymore. When things go bad in Egypt the fall out lands on Europe quite literally in the form of bodies, live or otherwise, being washed up on the shores. Things can certainly get worse without a civil war, Iran being an example, Nazi Germany another.

Why don't you consider for example the fighting between the pharaohs at Thebes and the Hyksos kings at Avaris as civil war, not to mention the fighting around 1 couple of centuries ago when Muhammad Ali came to power? Incidently Egypt wasn't exactly in the dark following that. I agree though about the likelihood of a civil war present day.

 

Morsi didn't do this to Egypt.. Egypt has had a huge population, a high rate of illiteracy and poverty for decades.

The economy world wide went south and the poorest suffer the most...

The immolation in Tunisia was about the economy .. and hunger was the spark that set off the Egyptian Arab Spring.