Markets see a weaker Egypt after Morsi move

Fox News:
Egypt's stock index fell by nearly 10 percent Sunday in the first trading since President Mohammed Morsi issued decrees to assume sweeping new powers, while a 15-year-old boy was killed in an attack on the Muslim Brotherhood's headquarters and police in central Cairo fired tear gas at protesters.

Morsi's edicts, which were announced on Thursday, place him above oversight of any kind, including that of the courts. The move has thrown Egypt's already troubled transition to democracy into further turmoil, sparking angry protests across the country to demand the decrees be immediately rescinded.

The judiciary, which was the main target of Morsi's edicts, has pushed back. Judges and prosecutors stayed away from several courts in Cairo and across much of the country.

The nation's highest judicial body called on judges and prosecutors to return to work and announced that its members would meet with Morsi on Monday to try to persuade him to restrict immunity to major state decisions like declaring war or martial law.

I think Morsi feared a negative reaction to the Gaza deal and wanted to head off any coup attempts.  Instead he walked into a whirlwind of criticism for trying to become a dictator.  The people did not like and Muslim Brotherhood offices came under attack and now the markets do not like it.

I mentioned during the fighting that Egypt was in no position to get into a war with Israel.  That meant Hamas had a limited time it could fling missiles toward Israel before its inventory was depleted and the war would essentially be over until they could get resupplied.


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