Tuesday 19 June 2012

Egypt stock market collapses after turmoil | Al Akhbar English

Egypt's benchmark stock index plummets 4.6 percent to its lowest in almost five months as the country descends further into political confusion.

Egypt's passage from revolution to democracy remains in limbo after the Muslim Brotherhood claimed victory in a presidential election while the generals who took over from Hosni Mubarak decreed it was they who would keep power for now. The Brotherhood's claim has been disputed by its rival.

Washington, long the Egyptian military's financial sponsor, issued a sharp rebuke to the generals, with the Pentagon saying it was "deeply concerned" and urging the army to hand over "full power" to civilians - but it made no mention of US action if it did not.

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