Category: Egypt

Egypt Vote Defeat for Forward-Looking Forces

Egyptian voters overwhelmingly approved a referendum on constitutional changes on Sunday that will usher in rapid elections,

with the results underscoring the weakness of emerging liberal groups,

and strength of established political organizations, particularly the Muslim Brotherhood.

The Muslim Brotherhood and remnant elements of the National Democratic Party,

which dominated Egyptian politics for decades under Hosni Mubarak,

were the main supporters of the referendum.

Tunisia Aftermath Holds Lessons For Egypt

A month after Tunisians toppled their authoritarian president, sending shock waves across the Arab world,

many are discovering that may have been the easy part.

With restrictions on the media lifted and freedom of speech flourishing,

the cork has popped on years of bottled-up demands over salaries, working conditions and other grievances.

Tunisians seem torn between a desire to fully eradicate the remnants of the previous government and a pining for stability.

Mubarak Family Money

With former Egyptian President Hosni Mubarak now out of power, there are growing calls for an accounting of the relationship between his family and the Egyptian economy.

Within hours of Mr. Mubarak’s resignation on Friday, Swiss officials ordered all banks in Switzerland to search for — and freeze — any assets of the former president, his family or close associates. 

Tracing the money is likely to be difficult because business in Egypt was largely conducted in secret among a small group connected to Mr. Mubarak.

Strategy of Egypt “Youth Revolt” Organizers

They were born roughly around the time that President Hosni Mubarak first came to power,

some undergoing repeated arrests and torture for the cause.

They are the young professionals, mostly doctors and lawyers, who touched off and then guided the revolt shaking Egypt,

members of the Facebook generation who have remained mostly faceless —

Turkish Model for “New Egypt” Intriguing, Not Definitive

As Egypt struggles to reinvent itself, many experts in the region say that it

might look to Turkey for some valuable lessons — although there are significant major structural differences as well.

Arriving at a template that effectively integrates Islam, democracy and vibrant economics

has been a near-impossible dream for Middle East reformers stretching back decades.

To a large extent, Egypt’s inability to accommodate these three themes lies at the root of its current plight.

Egypt’s Suez Canal Key for World Oil & Gas Shipping

Western oil and gas companies have halted most drilling in Egypt, but as violence has broken out in some cities,

the biggest immediate threat to world energy supplies could emerge from a possible blockage of the Suez Canal or nearby pipelines.

So far oil and gas flows through Egypt have not been interrupted, and the army has stepped up security around the canal and pipelines.

But rising tensions in the port of Suez have led several shipping companies to order their ships not to change crews in Egypt.

Social Media Innovation Aids Egypt Struggle

With the unruly sounds of protests in the background, the Egyptian man declared there were 50,000 demonstrators in the streets of Cairo.

“And the number is growing,” he said, raising his voice to be heard on the recording.

Unedited, raw, anonymous and emotional, Egyptian voices are trickling out

through a new service that evades attempts by the authorities to suppress them by cutting Internet services.

Egyptian Economy on the Brink

Egypt’s economy is approaching paralysis as foreign commerce, tourism and banking all but halted,

placing acute pressure on President Hosni Mubarak to find a way out of the weeklong chaos.

International companies closed plants and sent workers home or out of the country;

food staples went undelivered to stores;

and banks remained closed during a week when many Egyptians, who are routinely paid monthly, would receive their paychecks.

Global Markets Shaken by Egypt Turmoil

Like no other recent event since the global financial meltdown of Black September 2008,

the unfolding turmoil in Egypt is unnerving financial actors all over the world.

but sends shockwaves rippling through the global political economy.

Financial Crisis Looms Over Egypt

If Egypt’s turmoil continues much longer, the country may not have enough currency reserves to avoid a long term financial crisis.

Currency traders said on Monday investors have transferred hundreds of millions of dollars out of the country since the start of the protests last week.

Banks are still closed throughout Egypt and markets are suspended.

Many fear that once they open, additional millions of dollars will be withdrawn immediately.