Egypt constitution passes, economic crunch looms
CAIRO (AP) — The official approval of Egypt's disputed, Islamist-backed constitution Tuesday held out little hope of stabilizing the country after two years of turmoil and Islamist President Mohammed Morsi may now face a more immediate crisis with the economy falling deeper into distress.
In a clear sign of anxiety over the economy, the turbulence of the past month and expected austerity measures ahead have some Egyptians hoarding dollars for fear the currency is about to take a significant turn for the weaker.
The battle over the constitution left Egypt deeply polarized at a time when the government is increasingly cash-strapped. Supporters of the charter campaigned for it on the grounds that it will lead to stability, improve the grip of Morsi and his allies on state institutions, restore investor confidence and bring back tourists.
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