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Market Celebrates Egypt’s Coup, But It’s Not Over Yet

by Jen Alic, Oil Price:

The situation in Egypt has not been tenable since the Muslim Brotherhood and President Mohamed Morsi took over, post-revolution, but now that the military has stepped in, ousted Morsi and placed him in detention, foreign investors are celebrating.

No one knows what’s going to happen next, but the general consensus—at least for investors—is that things couldn’t get any worse, only better. (Unless you’re Qatari, but more about that later.)

On 3 July, at the tail end of a 48-hour ultimatum for Morsi to heed protesters’ demands for his resignation or face the consequences, the military launched a coup, forcing Morsi off the stage and issuing arrest warrants for some 250 members of the Muslim Brotherhood for inciting violence and killing protesters.

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