Interpreting Middle East Economic News and Analyzing Market Trends

Egyptians celebrate as democracy is taken away from them

Source: New York Times

 

Last night Egypt’s military kept its word and remove President Morsi and his Brotherhood party from office.  It was a swift military coup that saw the immediate removal of Egypt’s first democratically elected president in decades.  Egyptians cheered as the main thing they fought for during the revolution was taken away from them.   

 

Egypt’s military officers removed the country’s first democratically elected president, Mohamed Morsi, on Wednesday, suspended the Constitution and installed an interim government presided over by a senior jurist.

Tahrir Square, where tens of thousands of opponents of the government had gathered each night since Sunday to demand Mr. Morsi’s removal, erupted in fireworks and jubilation at news of the ouster. At a square near the presidential palace where Mr. Morsi’s Islamist supporters had gathered, men broke into tears and vowed to stay until he was reinstated or they were forcibly removed. “The dogs have done it and made a coup against us,” they chanted. “Dying for the sake of God is more sublime than anything,” a speaker declared.

Mr. Morsi rejected the generals’ actions as a “complete military coup.”

By the end of the night, Mr. Morsi was in military custody and blocked from all communications, one of his advisers said, and many of his senior aides were under house arrest. Egyptian security forces had arrested at least 38 senior leaders of the Muslim Brotherhood, including Saad el-Katatni, the chief of the group’s political party, and others were being rounded up as well, security officials said. No immediate reasons were given for the detentions.

And in a sign of how little Mr. Morsi ever managed to control the Mubarak bureaucracy he took over, the officers of the Presidential Guard who had been assigned to protect him also burst into celebration, waving flags from the roof of the palace.

Read the full story from the New York Times.

 

Morsi was barely in office a year, but tensions and frustration grew as the pace of change and progress was negligible.  Morsi had an uphill battle, how to get rid of decades of dictatorship rule, cronyism, corruption and get the economy moving again?  Egyptians had no patience.  Some say Morsi was too Islamic, others say he broke all his campaign promises as justification for his removal. 

 

Imagine if this were to happen in Europe or the US; one year no progress and broken promises and you’re out.  How many elected leaders would last more than a year? 

 

Our outlook for Egypt from months ago still stands; the country is headed for an economic disaster and no new leader or revolution can change that.  Read our earlier post on the Top 10 Reasons Why Egypt is Headed for Economic Disaster.