Democracy is the Only Coup Seen in Egypt (EGPT)

After a week of delay, doubt, and fears about a military coup in Egypt, the military ruled on Sunday that it officially recognized that Mohamed Morsi of the Muslim Brotherhood was elected president. Morsi is Egypt's first competitively elected president in Egypt and the first Islamist elected the head of an Arab state. At present, it is unknown how U.S. and Israeli relations will be affected, but for now markets are satisfied. Market Vectors Egypt Index ETF (Nasdaq: EGPT) is higher by 12 percent in early trading on Monday.

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