Word: nasserism
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Dates: during 1960-1969
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...Egypt, the disappearance of tourists is costing Nasser $1,500,000 a week; the closing of the Suez Canal subtracts another $5,000,000. Even if the canal reopens, Cairo's ban on U.S., British and West German shipping will still deprive the government of $1,000,000 a week in tolls. Then there is cotton, Egypt's second biggest foreign-exchange earner after the canal. Because there is no money to spare for urgently needed insecticides, leafworms threaten to wipe out 30% of this year's crop. In desperation, the government sent almost 500,000 schoolchildren...
Blood Money. Thus far, Russia and its Eastern European allies have been too busy supplying arms to pay much attention to Egypt's other urgent needs. In an effort to head off total economic collapse, Nasser has had to hit his Arab "friends" for "contributions," which in most cases amount to little more than blood money. He got $28 million from neighboring Libya, which has been fighting a long, losing battle with Egyptian terrorists. He picked up another $28 million from Kuwait, and $20 million more from "private individuals"-half of that amount, a $10 million interest-free "loan...
...other Arab nations were in any position to help Nasser-or themselves. As a result of the Middle East oil embargo (see WORLD BUSINESS), Iraq's gold reserves are expected to dip perilously low. In Syria, which lost the vital revenues from two oil pipelines, the capital city of Damascus began rationing food last week. Lebanon's $85 million-a-year tourist industry, meantime, has all but dried up. Hardest hit is Jordan: it lost not only the tourist-rich Old City of Jerusalem but, at least for the time being, the agricultural lands on the west bank...
...million government budget from oil revenues, is exporting barely half its normal 2,600,000 bbl. a day. No better off is Iraq, which depends on oil for 80% of its income, but has resumed shipments beyond the Arab world only to France and Turkey. Nasser's bankrupt United Arab Republic is losing $700,000 a day in Suez Canal revenue, has not begun clearing the canal...
...World War I, then against the French until independence in 1941, two years later became Syria's first President, only to be overthrown in 1949 and forced into a five-year exile after which he returned as President until 1958 when he and Egypt's Gamal Abdel Nasser merged their nations into the long-cherished but ill-fated United Arab Republic; of a heart attack; in Beirut...