Posted AT 6:36 AM EDT on 23/07/08
The peg precipice
OTTAWA — Inflation control measures in the Middle East are almost as rampant as inflation itself these days.Qatar just froze the price of steel and cement, and extended a diesel subsidy. Bahrain is spending more than a billion dollars a year to subsidize food and fuel. The mainly foreign construction workers in United Arab Emirates have launched strikes and riots as they watch the value of their savings erode.
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