Egypt's president warns of dangers to economy

In this image released by the Egyptian Presidency, Mohammed Morsi addresses the newly convened upper house of parliament in Cairo, Egypt, Saturday, Dec. 29, 2012. / AP Photo/Egyptian Presidency

CAIRO Egypt's Islamist president used his first address before the newly convened upper house of parliament on Saturday to warn against any unrest that could harm the country's battered economy, as he renewed calls for the opposition to join in a national dialogue.

In the nationally televised speech, Mohammed Morsi said the nation's entire efforts should be focused on "production, work, seriousness and effort" now that a new constitution came into effect this week. He blamed protests and violence the past month for causing further damage to an economy already deteriorating from the turmoil since the fall of autocrat Hosni Mubarak early last year.

In an alarm bell over the economy, the central bank announced soon after Morsi's speech that foreign currency reserves — which have been bleeding away for nearly two years — are at a "critical" level, the minimum needed to cover foreign debt payments and buy strategic imports.

Morsi's strongly worded address to lawmakers appeared aimed at sending a message to the mainly liberal and secular opposition not to engage in any new protests, depicting unrest as a threat to the priority of rebuilding.

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All sides must "realize the needs of the moment" and work only through "mature democracy while avoiding violence," Morsi told the 270-member upper house, or Shura Council. "We condemn and reject all forms of violence by individuals, groups, institutions and even from the nation and its government. This is completely rejected."

He appeared to chide the opposition for not working with him.

"We all know the interests of the nation," he said. "Would any of us be happy if the nation goes bankrupt? I don't doubt anyone's intentions. But can anyone here be happy if the nation is exposed to economic weakness?"

The mainly liberal and secular opposition accuses Morsi of concentrating all power on the Muslim Brotherhood, from which he hails, and other Islamists and steamrolling any alternative voices.

The main opposition groups have refused to join a national dialogue convened by Morsi, saying past talks have brought no compromise. They also stayed out of the president's appointments last week of a few opposition figures to the overwhelmingly Islamist Shura Council, calling the move tokenism.

The bitterness between the two sides was inflamed by the crisis of the past month leading up to the referendum that passed the new constitution. Mass street rallies were held by both the opposition trying to stop the charter and by Morsi's Islamist supporters determined to push it to victory. Clashes that erupted left 10 dead. The charter was approved by 64 percent, but with a low turnout of around 33 percent. Civil society groups and the opposition also point to incidents of fraud in the vote they say have not been properly investigated.

Opponents fear the new charter will consecrate the Islamists' power. The document allows for a stronger implementation of Islamic law, or Shariah, than in the past and has provisions that could limit civil rights and freedoms of minorities.

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[joesapper]

Some leaders always result in poor economics , no matter what .

[alibaba5]

there is no way of economy improvement .the Islamic political strategy is not going to work .it will create chaos and mersi know that but he continue it regardless the pain and suffering of Egyptian people because he does not care. he want to establish Islamic state even the country is destroyed. He was in jail because his radical view .he released from jail and he intended to put all Egyptian in jail

[alibaba5]

there is no way of economy improvement .the Islamic political strategy is not going to work .it will create chaos and mersi know that but he continue it regardless the pain and suffering of Egyptian people because he does not care. he want to establish Islamic state even the country is destroyed. He was in jail because his radical view .he released from jail and he intended to put all Egyptian in jail

[seenit]

Morsi creates the "unrest" by imposing religion.

Anyone who claims the right to impose religion and/or sanctions for criticism is the enemy of the rest of us. Worldwide. Period.

[Filmguy870]

Word. Sorry about you, Egypt. You are screwed.

[askagain]

seenit - Isn't it up to the Egyptian people to decide if they want religion in or out of their government? In case you haven't noticed, different countries make different choices. Some countries have kings, others have dictators, and others have democracies. America, for example is a Democratic Republic. Does our choice have to apply to every other country?