"I am neither pro-East nor pro-West," insisted Egypt's Gamal Abdel Nasser once again last week. The day before, with the proclaimed purpose of exterminating Western influence and "foiling imperialist plots," the Dictator of the Nile announced the "Egyptianization" of all British and French banks and insurance companies in the country. All other foreign banks and companies, including the U.S.-owned First National City Bank branch in Cairo, were given five years to Egyptianize, i.e., turn over all ownership and operation to native-born Egyptian citizens.
To control the taken-over firms, and to provide him with "royalties" and jobs for hangers-on, Nasser set up...
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