Egypt doesn't deserve a bail-out, but should get one

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The prospects for war or peace in the Middle East depend on many actors: America, the Houthis, Iran, Israel, the Palestinians, Saudi Arabia and others. But one country is more important than most people realise: Egypt.

It is huge, with 110m people. It runs the Suez canal, shares a land border with Gaza, maintains a peace treaty with Israel and has helped to broker peace talks. Egypt could yet play a vital role to help underwrite statehood for the Palestinians and provide security in the Gaza Strip. Were the country to collapse, however, it could further destabilise the entire Middle East. And such a collapse is terrifyingly plausible, as the country faces a mounting financial crisis. Its feckless regime does not deserve a bail-out. But Egypt should receive one nonetheless.

This article appeared in the Leaders section of the print edition under the headline "Pyramid scheme"

From the February 3rd 2024 edition

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