Morsi, Egypt Face Economic Meltdown

Feliz Imonti analyzes Egypt's economic crisis.
An employee counts money in a bank in Cairo, August 27, 2012. Demand for the Egyptian central bank's repurchasing agreement (repo) facility has fallen back after shooting up in June, indicating that short-term pressure on the banking system may be easing as more money flows into the country. The government introduced the facility in March last year to boost liquidity in Egypt's turbulent financial markets a month after President Hosni Mubarak resigned in the wake of a popular uprising. Picture Taken August
An employee counts money in a bank in Cairo, August 27, 2012. - REUTERS/Asmaa Waguih
Felix Imonti

Morsi has put his political objectives ahead of the economic needs of the country. Now, Egypt faces an economic meltdown.

It took a mere 20% of the electorate to bring into effect the new constitution. Eighty percent of voters either rejected it or did not — for whatever reason — vote.

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