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PIMCO's Mohamed El-Erian - Silver Lining in Egypt's Troubles
Posted by: Dheeraj Grover (IP Logged)
Date: November 30, 2012 08:56AM
Credit and Source: www.cnnfn.com, Fortune
Egypt's political and economic future is challenging, and for understandable reasons. But it is too early to give up on the country.
The very last thing a struggling Egyptian economy needed is a domestic political crisis that divides its leading personalities, pits the judicial branch against the executive, and ignites street protests. Yet this is exactly where the country finds itself following Thursday's decree that grants more power to the president.
The result is greater anxiety, both within and outside Egypt – so much so that more people seem to be giving up on the country's ability to complete its bumpy multi-year transition from dictatorship to greater democracy and respect for human rights. Moreover, in the short term, widespread global admiration for President Morsi's crucial role in brokering a ceasefire in Gaza between Israeli and Palestinian officials has given way to concern about an internal grab for power.
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