Mubarak's Resignation Revives Investor Hope
CAIRO – Egyptian President Hosni Mubarak's decision to step down after almost three weeks of protests against him is being seen a step toward restoring investor confidence in the country.
Wael Ziada, the head of Egypt research at Mideast investment bank EFG-Hermes, says Mubarak's decision to resign and hand control to the military on Friday "will help restore order."
But Ziada cautions that questions will remain until the world gets a clear picture of how the political situation will develop in the coming months and "how the military will be ruling in the next period."
The protests demanding Mubarak's ouster have battered investor confidence in Egypt. Earlier Friday, the cost of insuring the country's sovereign debt spiked over 11 percent after Mubarak a day earlier failed to resign.