One billion euros in aid that the EU gave to Egypt over the past six years has gone to waste, the EU’s spending watchdog reported today in a scathing assessment. Sixty percent of that aid—€600 million—is unaccounted for.“They do not fulfill the conditions at all—and nevertheless, the money is given,” one of auditors official who conducted the review told the Financial Times. “It’s quite clear under the period of Mubarak but also now under Morsi, from the Egyptian side, there was not a high degree of willingness to go along with the commission. And that’s an understatement.”“The European court of auditors found that the new Egyptian government that swept to power in the wake of popular uprisings in 2011 had—if anything—demonstrated even less interest than its predecessor in EU-sponsored programmes to foster civil society and protect the rights of women and minorities,” the FT reports.One of the arguments Western analysts like to put forward during Egypt’s ongoing economic and political crisis is that if foreign aid flows to Cairo, things will get better. Give Morsi money, and he’ll provide stability and human rights for Egyptian citizens and a functioning, stable economy.Clearly that’s not what’s happening. Not by a long shot.