Egypt to Declare Bankruptcy in 3 Months! Stocks Tank 9.5% Sunday amid Deepening Political Crisis. Military Intervention Possible
Member of the Board of the Stock Exchange: the market is experiencing its worst period in its history
Predicted «reconcile» Egypt announces bankruptcy within 3 months in the case of the continuation of the current situation, without taking serious measures to save the current position.
Egyptian shares drop 9 percent amid deepening political crisis
The bourse suspended trading for half an hour after intense selling by investors, a source at the exchange told AFP.
The drop comes as Egyptians have been deeply split by Morsi’s move to place his decisions beyond judicial scrutiny with rival rallies sparking violence in several major cities.
Sunday’s losses on the Egyptian Exchange’s EGX30 index are among the biggest since the turbulent days and weeks after the ouster of authoritarian leader Husni Mubarak last year, AP said.
Futures Trader Tweets:
“Egypt expected to declare bankruptcy in three months, who will bail them out? Iran? Hamas?”
Senators threaten to end aid to Egypt
Power grab stirs protest in Cairo
Sen. John McCain, Arizona Republican, said that while the U.S. is thankful for Mr. Morsi’s help facilitating a cease-fire between Israel and the Gaza Strip’s Hamas rulers, he criticized Mr. Morsi’s decision to give himself near-absolute power, which has prompted days of violent street protests in Egypt.
“To assume this kind of power is unacceptable to the United States of America,” Mr. McCain said on “Fox News Sunday.”
The senator warned that Egypt risks a “repeat of the Iranian experience in the 1970s,” referring to the 1979 Iranian revolution in which street demonstrations overthrew the regime of Shah Mohammed Reza Pahlavi, a pro-American dictator, only to put into power a repressive Islamist theocracy.
Read more: Senators threaten to end aid to Egypt – Washington Times
White House silent as Egypt’s president grabs power, moves toward Shariah Islamic law
People still want to overthrow the system: 23-24 November
Egypt’s Islamist President Mohamed Morsi was to meet with senior judges on Monday in a bid to defuse a crisis that erupted after he assumed sweeping new powers, sparking strikes and deadly protests.
The crisis talks, on the eve of rival rallies which threaten to deepen the country’s divisions, come a day after a member of his party was killed in clashes outside its offices in the Nile Delta town of Damanhour.
Several offices belonging to the Muslim Brotherhood’s Freedom and Justice Party (FJP) have been torched since Morsi’s announcement on Thursday of his enhanced powers.
Demonstrators gather for more protests in Tahrir Square in Cairo.
Muslim Brotherhood to hold its Tuesday’s rally in front of Cairo University
Mursi to issue an explanatory memorandum to constitutional decree after agreement with judges: justice minister
Egypt’s top Islamist expects assassination of liberal figures