Stock market tumbles as Morsi expands powers
Share Now on:
Protests continue in Egypt as the country’s President, Mohamed Morsi, meets with senior judges to resolve tensions over his decision last week to expand his presidential powers. The country’s stock market has also reacted strongly to Morsi’s power expansion, falling by almost 10 percent over the weekend.
The BBC’s Jon Leyne in Cairo says the political turmoil comes at an important time for Egypt. The government is due to begin negotiations with the International Monetary Fund, which has already agreed in principle to a multi-billion dollar loan for the country.
“It still needs to go to the IMF board of directors, which the United States has a big say on. Washington has already said it doesn’t like what President Morsi has done. So in theory, this could be held over Egypt as it tries to get its crucial IMF loan,” says Leyne.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.