“what actually took place was the removal of subsidies from household energy use, which increased 150% from 3 to 8 Egyptian pounds, besides the removal of subsidies on basic food products. Other planned reforms on business transactions and investors were not implemented.
Overall the ‘reforms’ are falling disproportionately on the average Egyptian and the poor. The official explanation presented for not undertaking the other reforms is declared to be an attempt not to scare away investors”
Remember. ..70% of young Egyptians support the subsidies. ..that’s about 20 million people. ..
20 million people with less influence over the policies of their own government than the influence of what amounts to dozens of foreign investors
http://www.twnside.org.sg/title2/finance/2013/finance130502.htm