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It is considered difficult for Egypt's leadership to introduce austerity measures likely to be unpopular among Egyptians, like cuts in subsidies for fuel and food that would create hardships for Egypt's already beleaguered population. More than 40 percent of Egyptians live near or under the international poverty line of $2 a day per person, according to the World Bank. In another indication of the crumbling economy, the Egyptian pound has lost more than 10 percent of its value to the dollar since late last year. That has put further pressure on the budget, as Egypt is the world's largest importer of wheat and also brings in significant amounts of fuel.
[Associated
Press;
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