Egypt entered 2026 with $163.7 billion in external debt and its heaviest repayment schedule in modern history. A decade of IMF programmes stabilised the economy without reducing its dependence on external financing, leaving no buffers when the Iran conflict began.

Greece moved faster than any other European state when the Iran conflict began — deploying frigates, F-16s, and Patriot batteries while maintaining it was not involved. Greek-operated Patriots intercepted Iranian missiles over Saudi Arabia. A US carrier strike group was serviced at Souda Bay. The gap between Athens's stated position and its operational footprint is not accidental.

Sustained drone attacks on Gulf energy infrastructure are reshaping the economics of modern war. Low-cost systems are being used to pressure high-value assets, exposing vulnerabilities in oil supply, air defence, and global supply chains.

The IRGC was formed during the revolutionary consolidation of power led by Ruhollah Khomeini. Article 150 of Iran’s constitution defines its purpose as safeguarding “the Revolution and its achievements.” From the outset, it was intended not merely as a military body but as the ideological guarantor of the new state.