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Sunday, October 16, 2016

Unta Gaduh Lagi : Tensions Between Saudi Arabia And Egypt

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This is from Middle East sources:

Tensions rise between Egypt and Saudi Arabia over Syria
    
Saudi abruptly halt shipments of fuel 

displeasure over Egyptian vote in UN this week. 

Egypt voted in favor of separate Russian, French draft resolutions on Syria 

led to public spat between two that could have implications for US policy 
Saudi has sent billions to Egypt to keep the Egyptian economy afloat.

Saudi sought closer ties with Turkey, Qatar, both of which tense relations with Egypt

Saudi expected Egypt to send troops to Yemen as part of Saudi coalition.

tensions between Egypt and Saudi accumulation of a lot of things

Egypt see Bashar Assad as crucial to maintain status quo
Saudi sees that if the regime wins, Iran and Hezbollah win

dispute goes deeper, > US$20b of Saudi aid to Egypt has “disappeared” 
media which is controlled by Egyptian govt, attacking Saudi royal family.

Tensions increased further when Saudi Aramco suspended oil shipments to Egypt
two countries signed US$23b deal to deliver 700,000 tons a month for 5 years.

Egypt will also devalue the Egyptian pound by 30%. 
This will impoverish the Egyptian middle classes

video of angry tuk-tuk gone viral. 
shows driver attacking Egyptian government while poor suffer.

Egypt on television is like Vienna, on the street it's like Somalia
The network pulled the video, but not before it had 1.6 million views.

My comments :  Egypt is making mistakes again. The rich are stealing. US$20 billion in Saudi aid money has disappeared. Now Egypt wants to borrow US$12 Billion from the World Bank.

Their condition is Egypt must devalue their currency (this means selling gold and foreign reserves? Any economists here?)  

Why should Egypt devalue their currency?  So that Egypt will need more Egyptian pounds to pay off the US$12 billion World Bank loan. The country will be more indebted to the World Bank (aka US-UK).

How much devaluation? Possibly up to 30%. If so Egyptians will suffer. They will become poorer.  The Middle East is totally screwed up.

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