Egypt's Power Vacuum Threatens the Economy
Investors cheered after Muslim Brotherhood candidate Mohamed Mursi was declared the winner of Egypt’s presidential election on June 24. The benchmark stock index soared 7.6 percent, the biggest gain since February 2008, and rose another 2.9 percent on June 26. The celebrations may prove premature should a battle over legislative power, currently held by the military, impede Mursi’s ability to follow through with campaign promises to reduce public debt, create jobs, and boost economic growth.
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