Egypt Facing Economic Meltdown

(Asia Times-Hong Kong) Spengler - Egypt's economy is in free fall. Last month, rice disappeared from public storehouses amid press reports that official food distribution organizations were selling the grain by the container on the overseas market. Last week, diesel fuel was the scarce commodity, with 24-hour queues forming around gasoline stations. Foreign tankers were waiting at Port Said on the Suez Canal to pump diesel oil from storage facilities, as government officials sold the scarce commodity for cash.

2011-06-01 00:00:00

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