Essay Egypt Crisis
In 1875, as a result of debt and financial crisis, Egypt was forced to sell its shares in the canal operating company to the British government of Benjamin Disraeli.
The report also cites the amount of material and oil that passes through the canal to the United Kingdom, and the economic consequences of the canal being put out of commission, concluding: In the aftermath of the Second World War, Britain was reassessing its role in the region in light of the severe economic constraints and its colonial history.The Convention came into force in 1904, the same year as the Entente cordiale between Britain and France.Despite this convention, the strategic importance of the Suez Canal and its control were proven during the Russo-Japanese War of 1904–1905, after Japan and Britain entered into a separate bilateral agreement.It later became clear that the Israeli invasion and the subsequent Anglo-French attack had been planned beforehand by the three countries. Eisenhower had strongly warned Britain not to invade; he threatened serious damage to the British financial system by selling the US government's pound sterling bonds.The three allies had attained a number of their military objectives, but the canal was useless. Historians conclude the crisis "signified the end of Great Britain's role as one of the world's major powers".After the fighting had started, political pressure from the United States, the Soviet Union and the United Nations led to a withdrawal by the three invaders.The episode humiliated the United Kingdom and France and strengthened Nasser. Britain and France issued a joint ultimatum to cease fire, which was ignored.With the 1882 invasion and occupation of Egypt, the United Kingdom took de facto control of the country as well as the canal proper, and its finances and operations.The 1888 Convention of Constantinople declared the canal a neutral zone under British protection.In August 1956 the Royal Institute of International Affairs published a report titled "Britain and the Suez Canal" revealing government perception of the Suez area.It reiterates several times the strategic necessity of the Suez Canal to the United Kingdom, including the need to meet military obligations under the Manila Pact in the Far East and the Baghdad Pact in Iraq, Iran, or Pakistan.