Egypt prepares for bunkrapcy

Egypt stock exchange falls on the background of mass protests against

the President Morsi, Reuters reports.

Egypt's stock exchange tumbled Sunday amid growing unrest over

President Mohamed Morsi's decision to expand his powers in a nation

dispirited and angered by months of uncertainty.

The country's main stock index fell nearly 10% in one of the most

bruising days of trading since the 2011 uprising that toppled longtime

autocrat Hosni Mubarak. Morsi's power grab left traders fearful that

foreign investors — desperately needed to rescue Egypt's troubled

economy — would shy away from the nation in light of the latest spasm

of political instability.

 "Egypt [could] declare bankruptcy in a matter of three months if the

current economic situation remains as is," Los Angeles Times cites

Hisham Tawfik, an executive board member on the Egyptian stock

exchange. "The market is witnessing one of its worst moments in

history. The current regime is a mirror image of the previous one".

The government, he said, has continued to "ignore the concerns of

investors."