And so to the website of the Egyptian stock exchange…
The latest estimated death toll in Egypt at pixel time was well past 400. The economic damage is just beginning. Yields on Egypt’s external debt have spiked, and the bourse is shut anyway until August 18. It’s the first non-holiday closure since the overthrow of President Hosni Mubarak early in 2011. Investors probably won’t forget that as they wonder how long the army will continue its campaign against the Muslim Brotherhood.
So — all the more leverage for the Saudis, and the cash they’ll still be happy to pump in?
Tragedy in Egypt – Gideon Rachman