Gulf crisis boils over at Cairo meeting

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The Riyadh regime, he said, was looking to depose Qatari Emir Sheikh Tamim bin Hamad Al Thani.

Bahrain's financing costs had already been worsened as it dealt with rapidly mounting debt, as well as an increase in debt issued from other GCC states, and rising U.S. interest rates since 2014.

According to Steffen Dyck, Moody's Vice President: "The severity of the diplomatic dispute between Gulf countries is unprecedented, which magnifies the uncertainty over the ultimate economic, fiscal and social impact on the GCC as a whole".

Arab foreign ministers meet in Cairo, Egypt, September 12, 2017.

Muraikhi further angered Qatar's critics when he said that Iran is an "honorable country" and when he underlined the renewal of ties with the Islamic Republic. The group, led by Saudi Arabia, has accused Qatar of sponsoring terrorism.

The Saudi envoy warned that Qatar would soon "regret" its orientation towards Iran. The 13 demands made by these countries and the six principles are in fact meant to highlight the Qatari violations and call on it to abide by previous agreements, he said, citing that Qatar failed to abide by the Riyadh Agreement of 2013 and the Riyadh Agreement of 2014 and continued its negative and hostile policies towards the countries of the region.

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Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and trade links with Qatar three months ago, suspending air and shipping routes with the world's biggest exporter of liquefied natural gas.

"Personally I will not buy products from the boycott countries again", he said, pointing out that the products imported from Kuwait, Oman and Turkey are preferred due to their quality and competitive prices. "If the Qatari brothers think that if the rapprochement with Iran would serve their interests, they are carrying out matters in a wrong way and they will be accountable for that", he said.

Muraikhi responded by saying that the crisis started when Qatar News Agency (QNA) was hacked by UAE-backed perpetrators who attributed false statement to the emir of Qatar.

Moreover, Shoukry rejected Muraikhi's comments as "unacceptable" and "baseless insults".

"Their direction needs to change and we will continue our policies until Qatar changes its policies of aggression against the four boycotting countries and as long as Doha supports and funds terrorism and intervenes in the Middle East countries' internal affairs", Gargash said.

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