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Reuters: GM Suspends Operations in Egypt

2K views 12 replies 9 participants last post by  mbukukanyau 
#1 ·
GM suspends Egypt operations due to currency crisis: company source
Reuters
Reporting Ehab Farouk; Writing by Ahmed Aboulenein; Editing by Louise Ireland



General Motors has temporarily suspended its operations in Egypt due a currency crisis, a company source told Reuters on Monday.

Import-dependent Egypt has been in economic crisis since a 2011 uprising and subsequent political turmoil drove foreign investors and tourists away. Dollar reserves have more than halved to $16.4 billion since then.

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#8 ·
^^ It was pretty funny in Egypt. Everyone ran out into the street... "down with military dictatorship! we want democracy!"

then few months later... "holy ****! down with democracy, bring back the military dictatorship!!" :lmao:

I'm having issue remembering a similar situation in the past. I can think of military coups when the democratic government became ineffective or paralyzed, but in this case it was really a kind of popular outrage against the policies...

GM is only in the country because of huge tarriff walls (Trump-style) promoting import substitution. The army somehow owns the factories anyhow.



 
#10 ·
Democracy can only be possible in cultures where the fundamental equality of human beings is recognized and where a culture recognizes that this equality is not granted by the state, but is woven into the 'fabric' of nature itself.

Cultures outside of the traditional European world do not see human beings as equal unless they are predominantly Christian. Democracy has taken root in Africa south of the Sahara precisely because of this, despite very diverse cultures in most countries. Christianity becomes the point where each culture recognizes the worth of the other person despite their tribal heritage.

Egypt is dominated by a culture that is incapable of recognizing equality of all peoples. Therefore Democracy cannot work.
 
#9 ·
Personally, I'm glad they have a military dictatorship more or less. Otherwise, ISIS would be at Israel's back door as well as Saudi Arabia. GM probably wouldn't have a factory there anymore either.
 
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#11 ·
I remember speaking with Don Butler about 10 years ago when he was the Managing Director of GM Egypt. It was the Mubarak era, things were relatively stable, Don had his family with him and business was good and employed a lot of people. The Arab Spring created an economic disaster. Why the US backed the Morsi Government I'll leave it for others to contemplate but it frustrated a recovery which has the closure of GM Egypt as a byproduct.
 
#13 ·
It was not the US, But the current administration in the USA that is responsible for the mess in the middle east. When they took over, the only trouble spots, (Iraq & Afghanistan) were holding regular elections and were stable.
Then someone comes to power, released all thugs, from US jails, and then wonders, why there is problems
 
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