The violence in Egypt following the military overthrow of former president Mohamed Morsi continues to escalate. Over 800 are dead according to official reports, thousands dead according to other reports.
The stock market, bond market and credit markets have all responded. Credit Default Swaps (CDS) soared to 810, placing Egypt in the top-10 of countries likely to default on sovereign bonds.
If there is one day when the pent up tensions on both sides resulting from the Egyptian coup over a month ago may boil over and lead to an all out civil war (still unclear how John Kerry would "define" that one) today may be that day, as Cairo is braced for what may be the most violent confrontations yet with supporters of the deposed president Mursi calling for “day of rage” protests after Friday prayers, and the Egyptian polic (now using live ammo) and army set to crush any such "illegal"
CAIRO (Reuters) - Political infighting threatened to stall Egypt's transition plans on Thursday, as the military cracked down on Muslim Brotherhood leaders it blames for inciting a clash in Cairo in which troops shot and killed 53 protesters.
CAIRO (Reuters) - Egypt's army commander and Islamist President Mohamed Mursi each pledged his life to defy the other as a deadline approached on Wednesday that will trigger a military takeover backed by protesters.
Egyptian court says Brotherhood, foreign Islamists behind 2011 jailbreak that freed Morsi CAIRO (AP) — An Egyptian court said Sunday that Muslim Brotherhood members conspired with Hamas, Hezbollah and local militants to storm a prison in 2011 and free 34 Brotherhood leaders, including the future President Mohammed Morsi.
Irfan Chaudhry submits: After the last five days of processions, deaths of common people and continued protests in all of Egypt, it is too early to call the Egypt situation. Some of the key dimensions of the situation are: