Wednesday, December 22, 2010

The State of Egypt

An Overview from Roubini Global Economics:

Egypt’s parliamentary elections took place in late November and early December, and, as expected, the NDP secured the majority of votes. Candidates of the opposition Muslim Brotherhood were again banned from running as a party and lost the seats they contested. Ahead of the second round, two of the biggest opposition groups—the Muslim Brotherhood and the Wafd Party—pulled out of the elections.

These results aren’t shocking, but the fact that the government is no longer trying to woo opposition leaders into the government does present some concern. If opposition parties become more radicalized, it could be an additional concern for Egypt, particularly as the move comes ahead of next year’s presidential election. Some, including Mohammed ElBaradei—formerly the International Atomic Energy Agency chief—called for the opposition to boycott the parliamentary elections even earlier, but many believed that there was too much at stake given the parliament’s role in domestic affairs. However, the low voter turnout at the parliamentary polls could extend into the presidential elections. Incumbent President Hosni Mubarak has announced his intentions to run in what will be his sixth contest, and we believe he will win.
More here.

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