Egyptian unrest may set off vicious economic cycle

[Joanne98]

Source: AP

CAIRO (AP) — Fueled by fury over financial deprivation, the unrest roiling Egypt threatens to undermine the country's economic growth and further weaken the government.

The third straight day of protests sent the stock market plummeting Thursday, rattled investors and clouding what the government has portrayed as its crowing legacy: rising GDP and a surging private sector led by a construction boom and vibrant, seemingly recession-proof banks.

Many say the fruits of growth in this formerly socialist economy have been funneled almost entirely to a politically connected elite, leaving average Egyptians surrounding by unatainable symbols of wealth such as luxury housing and high-priced elections as they struggle to find jobs, pay daily bills and find affordable housing.

The 10.5 percent plunge in the market left the market's year-to-date losses at over 20 percent and traders warned that economic damage could widen if huge protests materialize Friday, as threatened by the opposition.



Read more: http://www.google.com/hostednews/ap/article/ALeqM5hrFiPR-ceARFXtKIr288-ZZ7HM1w?docId=850ab45b045049edb4119d660633624f

[xchrom]

1. way to blame the victim. if they don't willingly suffer the cronyism and corruption

they'll make it worse.

[Hell Hath No Fury]

2. "...surrounding by unatainable symbols...

of wealth such as luxury housing and high-priced elections as they struggle to find jobs, pay daily bills and find affordable housing."

Gee, this sounds kind familiar.

Is it our turn yet??