Repression, poor laws deter investment in Egypt -tycoon Sawiris

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SetiOne wrote:

It never cease to amaze me how the 1% always demand our submission to their economic model, which works best for them so that we may enjoy the crumbs of their feasting on our resources.

The Egyptian government should be applauded for its attempt to get its people, especially the elites and upper middle class, to be more responsible and snap out of their dependence on handouts and subsidies that are debilitating the country with debt. This is not to mention the mindless waste of precious resources, like water and energy.

The progressive austerity measures aim at sharing fairly the debt burden, while shielding the most vulnerable in society. It is no longer acceptable let alone responsible for governments to continue with the defunct age of entitlement.

It must be said that it is the elites and upper middle class who are quite vocal (and heard with their privileged access to the media, like Reuters for example) about the loss of their privileges to those subsidies.

Sawiris and his fellow satellite (Egyptian elites) and foreign investors are unhappy about the minimum wage structures and that it will cost them more to do business in Egypt. It is no surprise that Sawiris and other predatory investors dwell with fervor on the importance of a free market that will correct the government’s ‘malfunction’.

No matter that, in so many instances of foreign investment in infrastructure privatisation, such as electricity and water, the most convoluted socio-economic reengineering can only produce a market, which is artificial, rigged, imperfect and imperfectable.

The satellite elites and the upper-middle classes should shoulder their fair share of the debt burden, instead of resorting to their smear and fear campaign of the new government.

Jul 05, 2014 12:03pm EDT  --  Report as abuse
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