Remember when Egypt made front-page news for an entire week? But then came Libya, Syria, the debt ceiling, and Casey Anthony. And though it seems to have been forgotten by the media, there are still important developments taking place—and as a new report tells us, things aren't as bad as they may seem, but the international community still needs to act, the sooner the better.

A recent analysis by the Legatum Institute along with the Carnegie Endowment for International Peace and the Atlantic Council takes on a few of our assumptions about the situation in Egypt—in fact, it debunks five popular myths. In essence, the Egyptian economy is not a basket case; economic reforms need not wait for a long-term political settlement; subsidy reform can be tackled now; countries need not finance Egypt's budget; but the international community can help through foreign investment.

Of course this assessment might change if we choose to sit and wait things out. But our economic involvement (and not just encouragement) would do the country and the region some good. The report is worth a read and can be found here.

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