Egypt: Mubarak’s odious debts

This article from Project Syndicate looks at Egypt’s public finances. 'The interest that the country pays on its foreign loans is larger than its budget for education, healthcare, and housing combined. Indeed, these debt-service costs alone account for 22% of the Egyptian government’s total expenditures. The impact has become impossible to ignore. With growing political uncertainty and a slowing economy, Egypt is likely to witness decreasing government revenues, increasing demands for urgent spending, and rising interest rates on government borrowing. This could lead to a fiscal catastrophe for the government at the very moment when the country is attempting a complicated political transition.'