Middle East Economic Survey

VOL. LIV

No 48

28-Nov-2011

EGYPT

Egypt Financial Markets Tumble As Protests Continue

Egyptian financial markets remained under heavy pressure last week, after 39 people died in clashes between protestors and the security forces ahead of the 28 November elections. The political transition risks pushed Standard and Poors to lower Egypts foreign and local currency credit ratings to B+ from BB- on 24 November. As confidence was further shaken the Egyptian pound...