An Egyptian vendor reads a newspaper in front of his stock of colored fabric in Cairo, Egypt, Apr. 23, 2012. Egypt's tourism and investment rates have plummeted and foreign currency reserves have dipped dangerously in the revolution's aftermath.
"Can Egypt's Economy Turn the Corner?"
Op-Ed, The Daily Beast
June 7, 2012
Author: Hassan Malik
Belfer Center Programs or Projects: International Security
Why a win by the Muslim Brotherhood's presidential candidate could be the best thing for Egypt's economy.
"As Egyptians prepare to vote in the upcoming final round of presidential balloting on June 16 and 17, pictures of yet more protests in Tahrir Square are doing little to reassure foreign investors and other observers about the future of Egypt. Bond markets are betting that the Egyptian revolution will end in tears. They may yet be proved wrong.
The most recent round of protests began after what many Egyptians saw as an overly lenient verdict in the trial of former President Hosni Mubarak. Although Mubarak was sentenced to life in prison for failing to protect the life of Egyptian citizens, none of his henchmen were found directly responsible for the deaths of some 900 protesters, nor was Mubarak found guilty of corruption.
The verdicts outraged Egyptians across the political spectrum, from Islamists to secular liberals, and come just days before Egyptians vote in the second and final round of the country's presidential elections, when they will choose between the Muslim Brotherhood's Mohamed Morsi and former Air Force chief and Mubarak-era prime minister Ahmed Shafiq.
The verdicts and the reaction to them suggest that the balance may have tipped in favor of Morsi, as the rulings disillusioned secular urban voters who supported Shafiq in search of stability...."
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