CRISISBOOM

Egyptian Presidential Palace–

On October 14, 1981 Muhammad Hosni Sayyid Mubarak assumed the Presidency of Egypt following the assassination of President Anwar El Sadat. He is the longest-serving Egyptian ruler since Muhammad Ali Pasha.  He announced today that he will not resign but will handover power to Vice President Omar Suleiman ,however, he will no longer run for office.

He quotes “Will work for a peaceful transition of power; says he wants honesty and transparency…I will not run for next presidential election; wants smooth transfer of power…Praises youth and sacrifices; says he will punish those responsible for attacks”

On Feb 4, 2011 there was a failed assassination attempt on Egypt’s vice president left two of his bodyguards dead.

Since January 25, 2011, for a total of 17 days, a popular uprising from the people of Egypt called for his resignation as president of Egypt due to corruptness and illegal activities that the government was associated with.  Because of inflation, many Egyptians are currently struggling to feed themselves as the country’s food crisis is beginning to spiral out of control utilizing anywhere between 40 to 60 percent of their wages going to food.

With this announcement brings many questions to mind. Who will lead Egypt?  What will the future of Egypt bring to the world?  How will this affect the relationship with Israel and the United States?  Is this just a preview of what is to come in other Middle East/ North Africa countries whom are in an eerily similar format?  What will happen with crude oil prices?  As of now all we can do is watch and see history unfold before our eyes.  September awaits…