Egypt weighs charges against Morsi for damaging economy

Egypt's economy suffering since revolution 02:05

(CBS News) CAIRO - Egypt's interim prime minister now says he will form his new Cabinet by the end of next week. Prosecutors there are weighing charges against deposed president Mohammed Morsi for damaging the nation's economy.

It's a charge many Egyptians would support. Many Egyptians celebrated their country's revolution of two and a half years ago, but Egypt is still in turmoil.

On Saturday there were more angry protests over the military's intervention to oust Morsi, Egypt's first democratically elected president.

For some ordinary Egyptians, life has become more difficult. Forty percent of the country is now living in poverty.

Umm Ali has been buying her fish in one Cairo market for 40 years. "Things haven't gotten better," she told us. "The prices have gone up, and there's no work."

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In one middle-class neighborhood, many people say Morsi was a failure who mismanaged the economy. They're happy the military deposed him and hope it will bring stability.

Without it, one of Egypt's most important industries will die.

Crowds of foreign tourists used to line up to see this country's treasure trove of ancient monuments.

But now the pyramids stand deserted. Foreign visitors have nearly all been frightened off.

Mohammad Essam used to run a busy souvenir shop. Now, he told us, he sees just one or two customers a day.

"Where are you from?" he asked one customer.

"Florida," the customer responded.

"Florida, America," said Mohammad. "You are more than welcome."

Mohammad told us he protested during the Egyptian revolution, but now he's struggling to make ends meet and is tired of politics.

"I open everyday at 10 and close at 10 evening," Mohammad said, "but little, little, very little customer. We hope one day it will be better. But when? But when?"

Since the military's intervention, some of Egypt's wealthy neighbors, including Saudi Arabia, have promised $12 billion in financial aid.

But in a country plagued by corruption and waste, even that amount of money will only be a temporary fix to Egypt's problems.