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Tuesday, 11 October 2011

Egypt: the mounting cost of protest | beyondbrics – FT.com

Egypt’s finance minister has resigned in protest at the authorities’ handling of Sunday’s bloody demonstration – and the rest of the government may be following suit.

Since it is not the cabinet that’s in charge but the military council, the immediate impact on policymaking could be limited. But it makes an unstable regime look even more wobbly, with dire consequences for the economy. The recent fragile recovery in the stock market could take a knock.

According to the state-run Middle East New Agency, prime minister Essam Sharaf said a cabinet’s decision to consider its future was “standard procedure and did not mean” that the government had resigned. Sharaf was quoted as saying that he was studying the resignation of finance minister and deputy premier Hazem El Beblawi, who quit after only three months in office.