Egypt Becomes Islamist

From Yahoo:

"Egypt's contentious Islamist constitution becomes law"

President Mohamed Mursi admitted on Wednesday that Egypt's economy faces serious problems after he enacted a new, bitterly contested constitution that is supposed to help end political unrest and allow him to focus on the financial crisis. The president said the economy also had great opportunities to grow, but earlier the Egyptian pound tumbled to its weakest level in almost eight years as ever more people rushed to buy dollars and withdraw their savings from banks. Mursi, catapulted into power by his Islamist allies this year, believes that adopting the constitution quickly and holding elections to a permanent new parliament soon will help to end the long period of turmoil that has wrecked the economy. The presidency announced on Wednesday that Mursi had formally approved the constitution, which was drafted by his Islamist allies, the previous evening, shortly after results showed that Egyptians had backed it in a referendum. The text won about 64 percent in a two-stage referendum, paving the way for a new parliamentary vote in about two month. The main opposition group, which has until now boycotted all rounds of national unity talks led by Mursi's office, said it had not changed its position. The charter states that the principles of sharia, Islamic law, are the main source of legislation and that Islamic authorities will be consulted on sharia - a source of concern to the Christian minority and others. The atmosphere of crisis deepened this week after the Standard & Poor's agency downgraded Egypt's long-term credit rating and warned of a possible further cut. The government has imposed currency restrictions to reduce capital flight. In Cairo's bustling center, people appeared nervous, openly expressing their frustration with economic instability as they went about their daily business. "All customers are rushing to buy dollars after the downgrading," said a dealer at a Cairo-based bank. "We'll have to wait to see how the market will operate with the U.S. dollar, because as you know there is a rush at the moment." The government is now in talks with business figures, trade unions and other groups to persuade them of the need for tax increases to resolve the crisis. Mursi has committed to such austerity measures to receive a $4.8 billion loan from the International Monetary Fund. Mursi's government argues the constitution offers enough protection to all groups, and that many Egyptians are fed up with street protests that have prevented a return to normality. The charter gives Egypt's upper house of parliament, which is dominated by Islamists, full legislative powers until the vote for a new lower house is held.

Mursi is also due to address the upper house on Saturday in a speech likely to be dominated by economic policy.

^ It seems Egypt is now in the firm hands of the Islamists. I do not know if they will be radical Islamists  - like in Iran - or moderate ones - like in Turkey. It seems they are moving towards the more radical version as they made sharia the main law. Hopefully, it will become and support a moderate Islamist country that allows for freedom of Muslims, Jews and Christians and gives equal rights to women. It would make the Middle East even more dangerous if Egypt goes the way of Iran. Egypt needs the international community (their business and tourists) more than most Middle Eastern countries so hopefully they will realize that and work to stabilize their country (in the terms I already mentioned.) I doubt tourists would flock to a strict Islamist Egypt to visit the pyramids. Without tourists Egypt will descend into even more chaos. I just hope Egypt remembers the lessons from its past and continues to follow the peace deal with Israel otherwise Egypt will loose any war (as they have every time in the past) against Israel. ^

http://news.yahoo.com/egypts-leader-signs-contentious-constitution-law-091517463.html