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Abdel Halim Abu Ghazala

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July 21, 1986 | MICHAEL ROSS, Times Staff Writer
Egypt's struggling economy stands at the brink of bankruptcy. Revenue from virtually all of its sources of foreign exchange are falling and will be off by more than $1 billion in the coming year, Western economists here say. Egypt has been hard hit by the continuing slide in oil prices, by a dramatic decline in revenue from tourism and money sent back by workers in the Persian Gulf states, and by a recession that is causing a banking crisis as private-sector debtors default on loans.
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