Adam Tooze
It was inevitable that Egypt would be dragged into the war between Israel and Hamas. As a border state of both the Gaza Strip and Israel, Egypt is now at the center of diplomacy over humanitarian aid, the possible movement of Palestinian refugees, and potentially, the negotiation of a cease-fire. Yet prior to the war, to the extent that Egypt was in the news at all, it was for very different reasons: Financial experts had been observing its mounting debt problems with growing concern. This past summer, Egyptian Finance Minister Mohamed Maait announced that the debt-to-GDP ratio was expected to reach 97 percent during the summer, a colossal 16.8 percent increase from June 2022.
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