It is hard, if not impossible, to hear or read anything optimistic about Egypt these days. Unrest on the streets continues, with an uncomfortably high threat of renewed confrontation involving some combination of the supporters of Mohamed Morsi, the ousted president’s opponents and the military. The political class struggles to coalesce around immediate transitional measures to run the government, let alone those needed to restore the country on the road to A durable democracy. And the economy is in free fall as poverty spreads, shortages grow, inflation rises, unemployment increases and incomes collapse.
There is no denying. Today’s Egypt lacks any robust economic, financial, institutional and political anchors. Even its social anchors are under unprecedented pressure. Continue reading »