Column : Europe’s economic war of attrition

The war of attrition followed the June 1967 war, in which Egypt—to the immense surprise of most of its citizens and the outside world—was soundly defeated. Its air force was crippled and its army was virtually overrun, with Israel capturing the entire Sinai Peninsula.

Positioned on the eastern bank of the Suez Canal, Israel’s army was just over 100 kilometres from Cairo. And, with Israeli jet fighters still controlling the airspace, Egypt’s capital and its major population centres were greatly exposed.

The official narrative reflected little of this. Whether on state television or in government-controlled newspapers—at the time, there was no free press, Internet, or cable news—citizens were reassured that Egypt had regained control of its destiny. But they knew better.

To this day, I remember vividly the sense of general anxiety that prevailed among citizens, accentuated by deep concern about what the future might hold. People were afraid to invest, and many wondered whether they should emigrate in search of a better future.

With the underlying issues left unaddressed, the war of attrition was followed by another full-scale war in 1973—one that again surprised most people inside and outside Egypt. This time, the Egyptian armed forces won a number of early battles and secured a cease-fire that regained part of the Sinai, setting the

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