Suez Canal Crisis aftermath

The Suez crisis increased the stature of President Nasser greatly, making him into a powerful symbol for Arab nations. Besides the use of diplomatic pressure through the United Nations, United States put a strong financial pressure on Great Britain.

President Eisenhower announced the selling of a large amount Britain government bonds and was unprepared to lend any more to the British government. As a result, pound sterling fell dramatically on the foreign exchange. Because the currency was then backed by gold, the government had to pay out gold to everyone who wished to sell sterling.

When the country's gold reserves began to run out, the Prime Minister Anthony Eden pulled the troops out of Egypt thus ending the crisis.

End of the colonial age
The colonial period in Central Africa came to an abrupt end after the Suez crisis. At a constitutional level, dramatic changes occurred throughout the continent. Both France and Belgium decided that they could not resist the winds of change with armed force. Once the black nationalists of West Africa won the right to self-determination from Britain, it wasn't possible to deny the same rights to other countries in Central Africa anymore. New constitutions were accepted, parliaments elected, national flags were flown and anthems played.

The Suez incident signaled the end of British and French dominance in the Middle East, where they held considerable influence for the last 150 years. The defeat from a former colony eventually led to the two nations giving up on their African colonial empires in general. Worldwide, the era of colonization was at an end. Relations between Egypt and Israel stayed tense over the years, with trouble arising every so often. Since 1975 Egypt had widened the Suez Canal twice in order to accommodate more modern larger ships. There are still plans to widen further to accommodate larger oil-carrying vessels. The modern canal became an integral passage for the international oil trade.

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