Hard Times Ahead for Egypt

Mubarak's first major task will be to reduce food subsidies

Traffic in Cairo streets is regularly blocked by $40,000 Mercedes while their owners indulge Gucci tastes in smart boutiques. Foreign banks and trading companies compete for expensive floor space in new high-rise office buildings. Yet near by, millions of lower-and middle-class residents crowd ramshackle dwellings in fetid slums, and millions of fellahin till fields of wheat and rice in the Nile Delta as seasonal workers for $2 a day. In Egypt, a patina of superficial prosperity gilds a fragile economic core. The revenues from...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!