The float of the EGP and the raising of fuel prices is far and away the dominant story on Egypt this morning. Most are playing the story neutrally — even the New York Times editorial board struggles to muster its usual outrage, as the appended clause to the headline over its editorial indicates: “Egypt Averts Economic Collapse, for Now.” We regularly take flack from some readers for our love of the Gray Lady, so at the risk of being apologists for the newspaper, it’s heartening to note that the editorial board’s customary snideness is limited to the hed and a de-rigeur swipe at President Abdel Fattah El Sisi; otherwise, the piece gets lots right.

If you read only two stories in the international press about the float, make it these:

“What Not to Do When Floating a Currency: Lessons for Egypt” (Bloomberg): “If the experience of countries like Russia, Kazakhstan and Argentina is anything to go by, the initial pain will be worth it in about a year’s time, according to David Hauner, a strategist at Bank of America Corp.” The story includes talking-head commentary and then a rundown of how floats have gone in Russia, Kazakhstan, Argentina, Azerbaijan, and Nigeria.

“Hungry for USD after float, Egyptian banks offer market rates” (Reuters): “‘We bought USD from the banking system at rates between 14.7 and 16 so it’s already working … We closed the [transaction for over USD 1 mn] and got some of it on Thursday and the rest we are getting on Sunday,’ said one commodity trader ‘I hope the black market disappears. There’s no reason for it to continue now banks are buying at equilibrium prices.’”