Egyptian army states that it will not use force against Egyptians
BBC:
In its statement, carried on Egyptian media, the military said: "To the great people of Egypt, your armed forces, acknowledging the legitimate rights of the people... have not and will not use force against the Egyptian people."
Well, that's a relief!
Reading between the lines, the armed forces has politely told Mubarak that he might want to urgently start talking to the Saudis about what they've got available in retirement homes.
A dictator losing the loyalty of the army is no longer a dictator.
Egyptian government offers to talk with protesters after Army refuses to fire
NYT:
The political forces aligned against President Hosni Mubarak seemed to strengthen on Monday, when the Army said for the first time that it would not fire on the protesters who have convulsed Egypt for the last week. The announcement was followed shortly by the government’s first offer to talk to the protest leaders.
Calls for a million protesters spur the largest demonstration yet against the president.
Also: Egyptian banks fear run when they re-open
As if Egypt needs one more problem to worry about during this transition.Bloomberg:
Egypt’s banks may risk a surge in customer withdrawals when they open for business, placing them among companies worst hit by the nationwide uprising against President Hosni Mubarak.
“A run on the banks would be the biggest concern, which is possible in the current situation,” Robert McKinnon, chief investment officer at ASAS Capital in Dubai, said in a telephone interview. Authorities are likely to keep the financial system closed to avert the risk, he said.
Egypt’s banks and markets stayed shut yesterday after six days of clashes in the most populous Arab country that left as many as 150 people dead. Tanks are guarding banks and government buildings in Cairo that are vulnerable to looting, state television said. The EGX 30 stock index had a two-day drop of 16 percent through Jan. 27, with Commercial International Bank Egypt SAE, which accounts for more than one-fifth of the benchmark, falling 12 percent. Markets throughout the Middle East declined yesterday on concern the unrest may spread.
From the "He just doesn't get it" Department:
President Mubarak says he will work the rest of his term toward a "peaceful transfer of power."
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