Egypt's Mursi signs Islamist-drafted constitution into law

PanARMENIAN.Net - Egyptian President Mohamed Mursi has signed into law a new Islamist-drafted constitution he says will help end political turmoil and allow him to focus on fixing the fragile economy, Reuters said.

Anxiety about the deepening economic crisis has gripped Egypt in past weeks, with many people rushing to take out their savings from banks and the government imposing new restrictions to reduce capital flight.

Results announced on Tuesday, December 25 showed Egyptians had approved the text with an overwhelming 63.8 percent, paving the way for a parliamentary election in about two months.

The win gives Islamists their third straight electoral victory since veteran autocrat Hosni Mubarak was toppled in a 2011 revolution, following their earlier wins in parliamentary and presidential elections.

The text of the constitution has sharpened painful divisions in the Arab world's most populous nation and prompted often violent protests on the streets of Cairo.

Opposition groups condemn the new basic law as too Islamist and undemocratic, saying it could allow clerics to intervene in the lawmaking process and leave minority groups without proper legal protection.

But Mursi, catapulted into power by his Islamist allies, believes adopting the text is key to ending a protracted period of turmoil and uncertainty that has wrecked the economy.

Sharpening people's concerns, the authorities imposed currency controls to prevent capital flight. Leaving or entering Egypt with more than $10,000 cash is now banned.