Egypt: new constitution signed into law amid economic woes

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Egypt: new constitution signed into law amid economic woes

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Egyptian President Mohamed Mursi has signed into law a new Islamist-drafted constitution.

He says it will help to end political turmoil and allow him to focus on the economy.

Anxiety about the deepening economic crisis has gripped Egypt recently and the government has imposed restrictions to reduce capital flight. Leaving or entering Egypt with more than 10,000 US dollars (7,570 euros) is now banned.

The constitution was voted for in a referendum by 63.8 percent but some Egyptians remain against it:

“They say that the ‘yes’ vote will lead to investment. On the contrary, every decision taken so far has led to our credit rating being downgraded,” said Cairo resident Samweel Girgis.

But another resident Samir Hamed is in favour of the new legislation:

“The yes vote will certainly lead to stability. We will build a state that can stand on its four cornerstones; a Parliament, an Upper House, a Presidency, and a Constitution.

“We can now begin to move forward and investment can begin to come into Egypt. What more do people want?”

President Mursi hopes the constitution will bring an end to street protests that he says have prevented a return to normality and distracted the government from being able to focus on the economy.