Word: nasserism
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Dates: during 1960-1969
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...Italy, West Germany and Japan. In all, Egypt is in hock for more than $1 billion in long-term debts, more than half of which must be repaid in hard currencies. Just to service his short-term debts of more than $250 million in hard currency, President Gamal Abdel Nasser was recently forced to sell off a third of Egypt's gold, leaving his country with a dangerously low hard-currency reserve of $108 million. Nasser has also been desperately trying to get his creditors to extend repayment deadlines...
...Nasser, who brought all these woes upon himself as the chief instigator of the whole Yemen affair, must face the fact that the war's cost-about $500,000 a day at its peak-is a heavy burden to the Egyptian economy. For all his Russian-made tanks and Ilyushin light bombers, Nasser cannot promise a quick rout of either the anti-Sallal rebels or the sandal-clad royalist guerrillas in the hills. He has resumed air attacks not only on the royalist redoubts but also on border towns in Saudi Arabia, which he claims serve as supply depots...
...Finished Forever." The sizzling Yemen war seems to have ended any hopes for a reconciliation within the Arab world. Last week King Feisal canceled the licenses of two Egyptian banks in Saudi Arabia-the Bank of Cairo and the Misr Bank-and Nasser retaliated by confiscating all of Feisal's Egyptian property, which is valued at about $47 million. In a setback for Nasser, Tunisia broke diplomatic relations with his puppet republican regime in Yemen, saying that the Sallal government no longer has power to govern the country...
Scheduled meetings of the Arab finance ministers and the Arab Defense Council, two proud pinnacles of "Arab summitry," have been postponed for at least a month, and Saudi Arabia, Jordan and Tunisia plan to boycott the sessions. "As the situation now stands," said Nasser last week, "Arab summits are finished forever." In turn, the usually unexcitable Feisal strongly defended "our right to defend ourselves," and at week's end went into a strategy session on Yemen with visiting King Hussein of Jordan, whose overthrow the Egyptians are known to favor...
...Aden. Now that Yemen's republicans are at each other's throats, Nasser's job will be twice as hard. His reasons for sticking to it range far beyond the barren land of Yemen. In the 1965 armistice signed at Jeddah, Nasser pledged a gradual evacuation of his occupation army. But he apparently abandoned any intention of withdrawing from the area at just about the time the British announced that they would grant independence in 1968 to Yemen's neighbor, South Arabia. For Nasser, South Arabia, with its oil refineries in Aden, would be a prestige...