Egypt prime minister says chaos threatens economy

AP News
Posted: Feb 02, 2013 9:16 AM

CAIRO (AP) — Egypt's prime minister says the street violence and political unrest that has engulfed the country for more than a week is threatening the nation's already ailing economy.

In a brief statement on TV Saturday, Hisham Kandil also condemned recent attacks by protesters on state property and said no government can effectively govern in the current climate.

His comments come a day after protesters hurled firebombs and flares at the presidential palace in Cairo.

Egypt's foreign currency reserves have been cut by more than half since the 2011 uprising that ousted longtime autocrat Hosni Mubarak. Foreign reserves currently are estimate at around $15 billion.

The Egyptian pound has also lost around four percent of its value due to the recent turmoil.