The closure of Centrepoint and Max stores in Egypt is a perfect example of how “the Market” uses its power to pressure states. The blame for the closures will be attributed to the foreign currency reserve shortage; but this is nonsense. The foreign currency shortage is a manufactured crisis which any multinational company could circumvent; but instead, they use their influence to push for monetary policy changes, devaluation, or establishing a completely floating exchange rate for the Egyptian Pound ahead of IMF loan negotiations.
They CREATE crises which can only be “resolved” through capitulation to policies that relinquish any semblance of economic sovereignty.
Workers, revolutionaries, and the public need to stand up and say to these companies, “you do not get to come to Egypt, make a profit, and get out whenever you like…if you invest in Egypt, you become part of our society, part of our economy, part of our lives, and you have to take responsibility for that. You have to invest in our welfare, in our social stability, in the good of our community…you have to make a commitment”.
These companies have just made a decision that impacts hundreds of families, with no regard for their circumstances. It is important to send a message to them,and to any others who may be inclined to abuse their power