Within hours of the military’s arrest last week of now-deposed President Mohamed Morsi, the Persian Gulf Arab monarchies were offering their congratulations to defense minister Abdel Fattah Al-Sisi and the new interim president, Adli Mansour. With Morsi still under arrest, incommunicado, and his whereabouts as yet unknown, the Persian Gulf oil kingdoms this week have swiftly moved, in the words of the Financial Times, “to prop up” the new rulers of Egypt with USD 12 billion in cash grants, central bank deposits and oil deals. That capital transfusion is seen as critical to bailing out the sinking Egyptian economy and ensuring the viability of the military-led interim administration. (Continue to full article for more)
Posted on: Fri, 12 Jul 2013 11:26:08 +0000
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