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Drawing lines in the sand

Ragui Assaad addresses the future of Egypt's currency.

"Continued borrowing from the domestic markets is a bankrupt policy, literally," said Ragui Assaad, an Egyptian economist at the University of Minnesota who is now in Cairo. Even with new sources of foreign currency from the IMF, he said, Egypt would soon be forced to capitulate to a further decline in the exchange rate -- gradually, if the government is lucky.

Times of Oman
May 09, 2012

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Hubert H. Humphrey Institute of Public Affairs