Egypt’s government needs to secure consistent foreign financing to keep the country afloat, providing leverage for international opposition to President Mohamed Morsi’s efforts to impose an agenda that runs contrary to Egyptians' fundamental rights. Egypt can thrive only on the basis of honest adherence to a democratic process.
BRUSSELS – On December 15, Egypt’s draft constitution is due to be put to a referendum. A year ago, Egyptians were thrilled to know that finally their country’s constitution would reflect their democratic hopes and aspirations. Yet the document that they will now vote on is more likely to dash those hopes and dim Egyptians’ prospects for democracy.
The constitutional drafting process was rushed, without the input of liberals, non-Muslims, and women, all of whom boycotted the process, owing to the preponderance of Islamists. The Muslim Brotherhood, and primarily President Mohamed Morsi, is banking on the assumption that the strength of Egypt’s Islamist vote will earn him enough support among “regular Egyptians,” and that the opposition will have little impact on the referendum’s outcome.
One political adviser for the ruling Freedom and Justice Party – the Muslim Brotherhood’s political wing – even boasted that the Brothers could easily mobilize 20 million supporters. The Brothers dismiss those who have demonstrated in the streets during the past three weeks as Mubarak sympathizers.
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If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
BRUSSELS – On December 15, Egypt’s draft constitution is due to be put to a referendum. A year ago, Egyptians were thrilled to know that finally their country’s constitution would reflect their democratic hopes and aspirations. Yet the document that they will now vote on is more likely to dash those hopes and dim Egyptians’ prospects for democracy.
The constitutional drafting process was rushed, without the input of liberals, non-Muslims, and women, all of whom boycotted the process, owing to the preponderance of Islamists. The Muslim Brotherhood, and primarily President Mohamed Morsi, is banking on the assumption that the strength of Egypt’s Islamist vote will earn him enough support among “regular Egyptians,” and that the opposition will have little impact on the referendum’s outcome.
One political adviser for the ruling Freedom and Justice Party – the Muslim Brotherhood’s political wing – even boasted that the Brothers could easily mobilize 20 million supporters. The Brothers dismiss those who have demonstrated in the streets during the past three weeks as Mubarak sympathizers.
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