Egyptian military deposes embattled President Mohamed Morsi

03 July 2013 21:03  [Source: ICIS news]

HOUSTON (ICIS)--Egypt’s military announced on Wednesday that embattled President Mohamed Morsi has been removed from office.

In a televised broadcast, General Abdel Fattah al-Sisi called for presidential and parliamentary elections, a group to review the country’s constitution and a national reconciliation committee that would include youth movements, Reuters reported.

Sisi announced that the country’s current constitution has been temporarily suspended as the military works with civilian leaders and the Egyptian people to form a new government, according to news reports. A mainly civilian interim governing council will be installed, the military said.

Although Morsi’s whereabouts were unknown late on Wednesday, his presidential Facebook page quoted him as saying he rejected the army’s takeover, calling it a ‘military coup’.

Thousands upon thousands of demonstrators in Cairo celebrated amid fireworks displays after the military announced Morsi’s ouster.

Protests against the president had been widespread in the Middle Eastern country for weeks prior to this week’s events.

On Monday, the Egyptian military gave Morsi a 48-hour deadline to put together plans for a more inclusive government. Morsi had been criticised for his government being dominated by fellow members of the Muslim Brotherhood, an Islamist group.

The president defiantly said on Tuesday night that he would not comply with the military’s demand. However, late on Wednesday, he offered some concessions in regard to upcoming elections and the constitution.

Morsi was elected to office a year ago after longtime dictator Hosni Mubarak was deposed.

The political unrest in Egypt had helped put upward pressure on the global oil market in recent days.

NYMEX light sweet crude (WTI) for August delivery rose sharply on Wednesday for the third consecutive session, settling up $1.64 at $101.24/bbl. ICE Brent crude for August delivery established an intra-day high of $106.03/bbl before settling at $105.76/bbl, up $1.76.

By: Jeremy Pafford
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