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Nasser nationalizes Suez Canal on July 26, 1956
On July 26, 1956, Egyptian President Gamal Abdel Nasser nationalized the Suez Canal, transforming it into an Egyptian joint-stock company aimed at funding the construction of the High Dam. The step of nationalization was a response to the withdrawal of the United States, Britain, and the International Monetary Fund from financing the dam. In his speech, Nasser repeatedly mentioned the name "De Lesseps" as a symbol of the beginning of the process. This led Britain, France, and Israel to wage war against Egypt and close the canal, which was reopened in 1957 and again in 1975 after the October victory.
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