Last fall, Egypt was on the brink of economic collapse. A decade of debt-fueled spending on a pharaonic-scale had emptied its Central Bank coffers. By February, Cairo’s public debt was 89% of its gross domestic product. External debt had soared to 46% of GDP. The pound, its currency, was one of the world’s worst performing. Unable to import supplies and repatriate profits, foreign companies were leaving, or threatening to leave Egypt in droves.
