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Egypt’s PM says economy ‘worse than anyone can imagine’
yalibnan.com ^ | 12-11-11 | Not Listed

Posted on 12/13/2011 2:00:27 PM PST by bayouranger

Egypt’s new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country’s economy, saying it was “worse than anyone imagines.”

Egypt’s transition in the months since Hosni Mubarak’s ouster has been rocky, with protests against the military council leading the process, an increase in crime and the battering of the tourism industry that was once a pillar of the economy.

Kamal el-Ganzouri, the third temporary prime minister since Mubarak’s ouster in February, said his priorities were the restoration of security and economic progress.

At one point in his news conference, el-Ganzouri became teary eyed as he recalled seeing “an Egyptian man on TV saying I want security, not bread.”

He said austerity measures were needed to start reducing the deficit but that no new taxes will be imposed. He did not elaborate on exact steps.

El-Ganzouri said his government will not consider loans from the International Monetary Fund until the outlook of the Egyptian budget becomes clear. In the summer, the IMF offered a $3 billion loan, but Egyptian officials turned it down.

The IMF is projecting Egypt’s economic growth to be just 1.2 per cent this year, compared with about 5 per cent in 2010.

“Solidarity is needed to face the economic crisis and security problem for citizens to be pleased with the revolution,” he said.

Urban consumer inflation in Egypt rose to an annual 9.1 per cent in November from 7.1 per cent in October. The unemployment rate in the third quarter climbed to 12 per cent from just under 9 per cent a year earlier. Net international reserves dropped by roughly 40 per cent by the end of October, compared with the end of 2010.

The military council, which stepped in to rule when Mubarak was pushed out, appointed el-Ganzouri and his government at the end of November after a violent crackdown on protesters demanding an end to military rule.

In response to the protests, the previous prime minister, Essam Sharaf, resigned and the head of the military council pledged to transfer power to a civilian administration by July 2012. The council also transferred wide powers to el-Ganzouri’s government in an attempt to show it had independence and that the military council would leave power — though gradually.

El-Ganzouri blamed the last decade of Mubarak’s 30-year rule and the corruption that took place then for the ballooning deficit.

El-Ganzouri is himself a Mubarak-era prime minister who served from 1996 to 1999 but he has not been tainted by corruption.

Still, protesters who dislike him for his part in the old regime have been camped in front of el-Ganzouri’s office in downtown Cairo, forcing him to hold meetings at the Ministry of Planning in a Cairo suburb.


TOPICS: Crime/Corruption; Foreign Affairs; War on Terror
KEYWORDS: egypt; jizya; koranimals; moslembrotherhood; waronterror
Jimmy cracked koran and I don't care.
1 posted on 12/13/2011 2:00:33 PM PST by bayouranger
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To: bayouranger

Tourism has to be down close to zero. If the Muslim Brotherhood gains control I would expect tourism to remain close to zero.


2 posted on 12/13/2011 2:02:49 PM PST by Parley Baer
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To: bayouranger

hummmm... maybe kill more Christians?


3 posted on 12/13/2011 2:03:54 PM PST by exPBRrat
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To: Parley Baer

No kidding who would want to go be in the middle of that mess? It probably won’t help when the Muzzies start blowing up the Sphinx and the pyrimids.....


4 posted on 12/13/2011 2:05:53 PM PST by jakerobins
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To: bayouranger

They should ask NASA for a one way ticket to the Moon (god).


5 posted on 12/13/2011 2:06:19 PM PST by Paladin2
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To: bayouranger

What did these idiots expect?


6 posted on 12/13/2011 2:07:49 PM PST by Logical me
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To: bayouranger

And it’s about to get even worse...


7 posted on 12/13/2011 2:08:16 PM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: bayouranger
The IMF is projecting Egypt’s economic growth to be just 1.2 per cent this year

Nice. Nearly carbon-neutral.

What about Egypt's birth rate?

8 posted on 12/13/2011 2:08:35 PM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: bayouranger

Egypt has a very large population and is unable to grow enough food to feed them. It relies on its multi-billion dollar tourist industry to get enough money to buy food from other countries.

After the stories that have been coming out of Egypt, you’d have to be insane to go there as a tourist. So, unless the Saudis or somebody comes up with the money, they are going to have starvation, theft, murder, and riots.

And I fail to see why we should keep giving them a billion a year, since they are no longer our allies. Maybe Obama and Hildabeast will see things differently, but I’m not sure they’ll be able to persuade even the dolts in congress to come up with that kind of money. Especially since he’s going to want billions for Libya and the rest, too.


9 posted on 12/13/2011 2:10:47 PM PST by Cicero (Marcus Tullius)
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To: bayouranger
"Running things...it ain't all gravy."

--Johnny Caspar

10 posted on 12/13/2011 2:12:19 PM PST by Huck (LIBERTY is the object.)
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To: jakerobins
No kidding who would want to go be in the middle of that mess?



Ummm, maybe Lara Logan?

11 posted on 12/13/2011 2:14:41 PM PST by papasmurf (I pledge to vote (R). How 'bout you?)
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To: Cicero

I literally ‘lol’ed at work at Hildabeast haha oops and thank you.


12 posted on 12/13/2011 2:21:21 PM PST by thesaleboat (Pray The Rosary Daily (Our Lady, July 13, 1917))
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To: bayouranger

Right. They need heap big bailout from U S of A


13 posted on 12/13/2011 2:23:12 PM PST by shalom aleichem
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To: bayouranger

How long till the Eqyptian taliban start bulldozing and/or blowing up the pagan pyrimids?


14 posted on 12/13/2011 2:26:46 PM PST by TexasFreeper2009 (Newt Gingrich 2012!)
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To: bayouranger

No problem...I’m sure that Uncle BHO will come to the rescue.

How many trillions do they need?

He can even help the tourist trade by issuing an Executive Order (he’s good at that) requiring the Armed Forces to start taking R&R there!!


15 posted on 12/13/2011 2:27:01 PM PST by O6ret (for)
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To: bayouranger
Egypt’s new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country’s economy, saying it was “worse than anyone imagines.”

Don't cry for me, Kamal teeeny

The truth is I never liked you

All through your wild days

Your mad existence

I kept my promise

Now keep your distance

And as for fortune, and as for fame

You invited them in and didn't get them

Though it seemed to the world they were all You desired

16 posted on 12/13/2011 2:29:05 PM PST by Navy Patriot (Join the Democrats, it's not Fascism when WE do it. (plagiarized))
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To: bayouranger

I guess that Obama got tired of wrecking the United States economy and wanted to branch out. Nice job Barky!!!


17 posted on 12/13/2011 2:29:41 PM PST by eureka! (Bless Our Troops. D*mn the Left.)
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To: bayouranger

What did they expect?
Puppies and Rainbows???

Did they think Obama money would come falling from the sky?
Or strapped to Unicorns flying in with Obama2012 stickers on their arse?


18 posted on 12/13/2011 2:42:40 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: bayouranger
Without the tourism money their economy will stay in the tank.

Not good to have the largest Arab country in turmoil.

19 posted on 12/13/2011 2:46:30 PM PST by colorado tanker
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To: Steely Tom

http://www.indexmundi.com/g/g.aspx?v=25&c=eg&l=en

Egypt’s birthrate is 25/1000. The US is 13/1000.

Go to the link and look at various countries. The Palestinian replacement rate is 6 per couple vs # per couple in Israel. (2.1 in the US.)


20 posted on 12/13/2011 2:57:01 PM PST by Gen.Blather
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To: bayouranger
I look through the lense of the scriptures when it says in the last days...

Isaiah 19:4

And the Egyptians will I give over into the hand of a cruel lord; and a fierce king shall rule over them, saith the Lord, the LORD of hosts.

21 posted on 12/13/2011 3:00:28 PM PST by BigFinn (The King is coming and He isn't riding a donkey this time.)
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To: bayouranger
“Egypt’s new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country’s economy, saying it was “worse than anyone imagines.”

I know exactly how you feel Kamal!

LLS

22 posted on 12/13/2011 3:11:23 PM PST by LibLieSlayer ("Americans are hungry to feel once again a sense of mission and greatness." Ronaldo Magnus)
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To: Huck

snicker...


23 posted on 12/13/2011 3:27:31 PM PST by katykelly
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To: bayouranger
Egypt’s new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country’s economy, saying it was “worse than anyone imagines.”

Not as bad as I imagined back when these guys took over. Who would visit their country? Surely no Christians. Don't worry the HMIC (Head Muslim in Charge) will take care of them.

24 posted on 12/13/2011 3:30:38 PM PST by Mike Darancette (Either Obama can beat any GOP candidate or no GOP candidate.)
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To: bayouranger

It’s going to get a lot worse, and it probably won’t get better.


25 posted on 12/13/2011 3:37:52 PM PST by pallis
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To: bayouranger

Welcome to islam, schmuck.


26 posted on 12/13/2011 3:47:14 PM PST by Blado (2008: Year Zero of the Zombie Apocalypse.)
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To: bayouranger

A few facts:

- Egypt’s wheat imports were 10.5 million tons in 2010
- Wheat is presently priced circa 300 $ / ton
Egypt imports circa 3 billion $ of wheat every year

- Egypt exports 155,000 barrels of oil per day, out of a production of 630,000
- Oil is presently priced circa 100 $ / barrel
Egypt exports circa 5.5 billion $ of oil every year, which could be increased markedly at the price of more limited use of oil in-country

The above doesn’t guarantee that no mass hunger will take place. Only that if it does, it will be because of kleptocrats, profiteers and other irresponsible politicians.

http://www.atimes.com/atimes/Middle_East/MJ18Ak01.html
Are the generals stealing Egypt?
By Spengler
Oct 18, 2011


27 posted on 12/13/2011 4:00:39 PM PST by JerseyHighlander
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To: bayouranger

How’s that Arab Spring working for ya Obama. The man is a dangerous fool!

Mel


28 posted on 12/13/2011 4:13:55 PM PST by melsec (Once a Jolly Swagman camped by a Billabong....)
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To: jakerobins

I sure hope somebody has a plan to extract the contents of the Egyptian Museum to safety before much longer.


29 posted on 12/13/2011 4:14:14 PM PST by M1903A1 ("We shed all that is good and virtuous for that which is shoddy and sleazy... and call it progress")
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...
Note: this topic is from 12/13/2011. Sounds like Zero's whining -- "I inherited a mess". Thanks bayouranger.

30 posted on 10/21/2012 11:31:30 AM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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