el-Sisi has re-established military and economic ties with Russia -Egypt has long had a bad relationship with many of the oil producing Arab countries, and the oil producing Arab countries are having a tough time lately. Europe or China are obvious places to go for investment, but there is a problem that Egypt has a history of defaulting on investments. El-Sisi is very mercurial, so does not instill confidence.
Egypt used to be good at figuring these things out. They had a solid, well educated civil service that could figure out solutions. When they needed Aswan Dam built, they first nationalized the Suez Canal. They used the hard currency from the Suez Canal to pay the Soviets. The Soviets exported the equipment from Central Asia (not easy), and also exported huge amounts of second rate consumer goods. The Russians paid the Egyptian workers in Russian Rubles, which the workers used to buy second rate Russian consumer goods. Back then, Egyptians were just happy to own a TV, even a Russian one. It all worked out, for cheap, but was extremely complex... AND meant the world did not trust Egypt for nationalizing the Suez Canal.
El-Sisi has gotten rid of the last of the competent civil servants. There is no way they could execute such a complex plan today.
are you nutz?The middle and upper middle class in many third world countries keep some of their "rainy day fund" in gold that they self-store. India is famous for this, but Egypt has a lot of this too. The problem with that is it is not as much as you think, and the government has no access to it. El-Sisi could send the military into people's houses to seize the gold, but they would only find some of it, and the soldiers would steal for themselves most of it. It would additionally create a revolution.
As far as gold reserves of the Egyptian government, they have 80 tons. That is about $4.4 billion at current gold prices. It is used to stabilize the currency, so they really do not want to sell it.
https://gcaptain.com/shipowner-declares-general-average-for-ever-given/As the investigation into the grounding of the Ever Given in the Suez Canal begins, the vessel’s Japanese owner, Shoe Kisen, this morning declared General Average.
And a customer circular from Evergreen, seen by The Loadstar, confirms that Shoe Kisen this morning appointed Richard Hogg Lindley as adjustor.
General Average is a principle of maritime law that requires that the shipowner and its customers share a proportionate amount of the costs associated with saving a vessel after a major casualty. When General Average is declared, cargo owners are required to contribute to a GA fund before cargo can be released.
Well it looks like what happened is that the Captain was speeding to deal with the wind but that they got fucked by poor visibility, that they steered it into the wall. The possibility that this was terrorism is in decline.
I did actually tell you that at the start. It was caused by high winds off the desert which whipped up a sandstorm and created low visibility.
are you nutz?
"the military" doesn't/wont do that, and the military is the real power in Egypt.
No Egyptian president can order them what to do -did not Morsi show you that?
And a Captain that was going well over the speed limit, as was the ship behind them...I dont believe that you ever mentioned that part.
does Sisi run the canal?
el-Sisi has re-established military and economic ties with Russia - no thanks to the stupid Obama sanctions on a "junta government"
Sisi is elected and has authority, but operates within the good graces of the militaryThe Egyptian Government owns and runs the Suez Canal. El-Sisi has no competition for power within the Egyptian Government. He is not an absolute dictator, but fairly close. There is no one who can say no to him.
Suez Canal Authority is responsible for the operation and maintenance of the Suez Canal, for the safety of the traffic and for all other matters relating thereto.When he desperately needs hard currency, there is no one who can say that it is not safe today to run ships through the Suez Canal.
"the military" doesn't/wont do that, and the military is the real power in Egypt.
Sisi is elected and has authority, but operates within the good graces of the military
Again Morsi bucked the military junta. Not just the terrorism in the Sinai by EMB growth, but Morsi tore up the interim constitution - the power sharing relationship between civilian and military power.
Point being Sisi serves with the blessing of the military like all Egyptian presidents
Suez Canal Authority is responsible for the operation and maintenance of the Suez Canal, for the safety of the traffic and for all other matters relating thereto.
https://en.wikipedia.org/wiki/Suez_Canal_Authority
Like a port authority does here.
They are autonomous,, It was pilot error. I have no idea from where you concoct this
Russia sells to Egypt. not just weapons.We give about $1.3 billion in military aid to Egypt. That is about the same amount as the humanitarian aid we give to the entire Middle East. In fact, Obama ended sanctions against Egypt, that were not that big to begin with.
https://www.reuters.com/article/us-...s-military-aid-to-egypt-idUSKBN0MR2GR20150401
Sisi is elected and has authority, but operates within the good graces of the military
No I didn't, no doubt that will all come out at the inquest.
I said he was elected and has authority.General El-Sisi seized power in a coup, and then got himself elected in a fraudulent election run by the military. The USA has looked the other way, which is probably for the best. But pretending he is a democratically elected leader is just silly.
The military has removed from Egyptian public life anyone who has questioned El-Sisi. There is no checks and balances, or opposition in government. El-Sisi's word is law.
....so this is not a scenario..why bring it up?You are having a problem reading what I wrote. I said that the Egyptian Government has no access to the gold held by the middle and upper middle class in Egypt, because the only way they could get it would sending the military house to house. I then say that would not even work, because the soldiers would steal most of it for themselves, and it would create a revolution. El-Sisi will not do that.
The amount of gold that the government has in insufficient. I do not know why Matt thinks they have "a lot of gold."
more citations and less gas bagging would be welcomeFrom the usual place, his arsehole!!