State of denial

AFTER Abdel-Fattah al-Sisi, Egypt’s president, welcomed hundreds of foreign dignitaries to the seaside resort of Sharm el-Sheikh last year, he made them a simple pitch. The upheaval that followed the Arab spring in Egypt was over, said Mr Sisi, who had ousted his Islamist predecessor, and the country was ready for their investment. He promised stability and economic reforms. His guests, in turn, rewarded Egypt with cash, loans and new business. It was “a moment of opportunity”, said Christine Lagarde, the head of the IMF.