Country where Eden Project failed, say: ultimately foolhardy exercise (5)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

A charade of E.G. ( exempli gratia , ‘say’) plus Y (‘ultimately foolhard Y ‘) plus PT (‘exercise’). The (extended) definition refers to the 1956 Suez Crisis , with UK involvement under the leadership of Prime Minister Anthony Eden.