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.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.