Nearly two years after Egypt fought for democracy and ousted Hosni Mubarak, the country continues to see civil unrest.
The latest demonstrations are aimed at president Mohammed Mursi after he passed a decree last month that would give him dictatorial powers. Protestors have been demanding his resignation and oppose the new post-revolutionary constitution.
Amid these protests Egypt's stock market has been taking a beating. In a new Financial Times piece, Mohamed ElBaradei, former head of the IAEA and head of Egypt's Al-Dostour (Constitution) party writes that "Mursi’s power now exceeds that of Hosni Mubarak at his dictatorial peak," and that Egypt is threatened by four time bombs:
"The country is threatened by four time bombs that have emerged under the leadership of the military and now the Brotherhood. Our economy is in free-fall; at the present pace we will default in six months, especially if the recent instability jeopardises a loan from the International Monetary Fund. Law and order remain elusive, and the impact on tourism and foreign investment is severe. Northern Sinai is turning into a battleground, threatened by jihadist groups coming from Afghanistan and elsewhere. And now, with the uproar over the draft constitution, the country is dangerously polarised.
...We are pressing Mr Morsi to rescind his latest draconian, self-serving decree, which has been condemned by the UN, many governments and international civil rights groups. We are rejecting as illegitimate the draft constitution and urging the president not to put it to a referendum."
Non-islamist parties in Egypt have come together to form a 'National Salvation Front' and have asked ElBaradei to be its coordinator. Meanwhile, international pressure is also mounting on Mursi to abandon his latest decree.
Read the entire article at Financial Times >
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