The global financial crisis dominated the headlines and preoccupied the pundits The consensus was that the Egyptian economy was somewhat protected by various economic dynamics from the worst ravages of the international financial crisis. After taking their steepest fall in decades, the world's stock exchanges bounced back. Egypt's two stock exchanges, in Cairo and Alexandria, had been among those that were deeply impacted by the global crisis. However, the panic and pessimism at the beginning of the week were soon replaced by a sense of confidence and upbeat anticipation. Fretting over the liabilities and the losses of assets had become a thing of the past. Indeed, by Tuesday, papers were cheerily optimistic, noting that stock exchanges in America, Asia, Europe and the Arab Gulf had recovered considerably. Former head of the Egyptian Stock Exchange Sameh El-Torgman was quoted in the independent daily Al-Masry Al-Yom as saying that the Egyptian economy was immune from the shock waves of the international financial system. "The size of the Egyptian Stock Exchange is not too big to deeply affect the national economy [in case it collapsed]," El-Torgman noted. Meanwhile, Minister of Finance Mahmoud Mohieddin was quoted in the same newspaper as saying that Egypt had emerged from the international financial crisis unperturbed. "The state of the Egyptian economy is still good in spite of deep turbulence [in global financial markets], and the growth rate is still high." He added that, "the stock exchange will recover and there are no fears about local mortgage businesses." Official newspapers like the daily Al-Ahram were keen to emphasise the soundness of the Egyptian financial market on their front pages. "The banking sector is far removed from any [credit] dangers because it depends on local finance", ran the front-page headline of Al-Ahram. The official daily also highlighted President Hosni Mubarak's keen interest in resolving the financial crisis. He discussed alternative means of dealing with it, and argued it was only natural that Egypt would be impacted by a crisis of such a colossal scale. Minister of Trade and Industry Rachid Mohamed Rachid was quoted in the weekly official Akhbar Al-Yom as saying that the Egyptian economy was especially buoyant at present. "Egypt is in a distinguished economic position. There is no problem in the banking sector or a lack in liquidity." The paper also quoted Prime Minister Ahmed Nazif as saying that the country was poised to escape the worst effects of the global crisis. "There is no reason to worry about the impact of the global financial crisis on the Egyptian economy," Nazif said. In an interview with Al-Ahram, Robert Zollick, chairman of the World Bank, stressed his special concern for poor nations. "The global financial crisis is a turning point for the worse for developing countries, as poor [countries] also need a bailout plan," Zollick was quoted as saying. But opposition and independent newspapers like Al-Fagr painted a grim picture of the Egyptian economy in light of the global financial crisis. "The global financial crisis hits Egypt", ran one front-page headline. The independent Al-Osbou also warned against "the danger of the global financial crisis looming large over the Egyptian Stock Exchange". The financial crisis apart, issues of human rights concerns were extensively covered by political commentators. The onus this week was on the freedom of the press and freedom of expression. In his weekly column in Al-Ahram, Makram Mohamed Ahmed, chairman of the Press Syndicate, lavished praise on President Mubarak's decision last week to exempt editor- in-chief of the opposition Al-Dostour Ibrahim Eissa from a two-month jail sentence for publishing articles about the president's health. Ahmed, himself, is a great champion of the freedom of expression. "A great part of journalists' rights was acquired thanks to President Mubarak's support who foiled many attempts by key officials and bureaucrats aiming at curtailing freedom of the press. "Unfamiliar with criticism levelled against them in the press, those senior officials have been inciting the president to curtail such freedom for allegedly crossing red lines and posing a threat to stability and the regime." However, Ahmed continued, "journalists are still worried about an arsenal of laws that includes jailing them as punishment [for publishing certain articles]." He added, "[Egyptian] judges do not like to issue court rulings sentencing journalists to prison as the legality of such punishments has eroded in most international laws." Ahmed continued: "unfortunately, neither Egyptian journalists nor the society enjoy a law that protects their right to obtain information from its real source, despite the fact that the government admits that the [free] flow of information has become a prerequisite for improving transparency. "In the absence of [a law guaranteeing] free access to information, holding journalists accountable for what they write becomes impossible." In much the same vein, the pundits upheld guaranteeing personal safety as a fundamental human right. Writing in Al-Ahram, Ezzat El-Saadani lamented the days when walking on streets was safe for both man and female. "When can we feel safe while walking on Egyptian streets?" he wondered, hinting at an incident of harassment that took place in one of Giza's main streets located in the upscale district of Mohandessin on the first day of Eid Al-Fitr. "Do we need new legislation to be added to an arsenal of legislation we already have to protect our wives and daughters from sexual harassment now taking place in broad daylight?" Criticising the Ministry of Interior for failing to protect females from sexual harassment in Cairo streets, Gamal Abdel-Gawwad argued in the daily liberal-leaning Nahdet Masr that, "women's safety on the streets is part and parcel of the government represented by the Ministry of Interior. We want the ministry to formulate plans aimed at protecting women from sexual harassment." Secretary-General of the National Council for Women Farkhunda Hassan was quoted as saying in Nahdet Masr : "fighting sexual harassment calls for the participation of the entire society, and raising the awareness of young men and women is better than punishment."
