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This is referring to the Suez Crisis in 1956. The reason the attack was launched was that in that year President Nasser of Egypt nationalized the Suez Canal. Britain and France were worried that they would be extorted by Egypt for the usage of the canal. Israel expected Egypt to ban Israeli use of the canal (which happened almost immediately after nationalization). In order restore the prior situation of British and French control of the canal, the three countries agreed to launch an attack on Egypt and reclaim the Suez Canal.

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