Pro democracy activists are using the strongest tool they have to force Mubarak out of office, the Egyptian economy.
Credit Agricole, in one of the first assessments quantifying the damage to the economy, said the crisis is costing Egypt at least $310 million per day. The bank also revised down its forecast for 2011 GDP growth to 3.7 percent from 5.3 percent and said the Egyptian pound could see a depreciation of up to 20 percent.
The losses are the tip of the iceberg of Egypt’s economic woes.
Any post-crisis government will face major challenges in rebuilding the country’s image and dealing with a range of fundamental economic problems that are sure to be exacerbated by the unrest.
Now labor unions have joined with the protests in Tahrir Square by initiating a nationwide strike.
Al Jazeera correspondents, reporting from Egypt, said around 20,000 factory workers stayed away from work on Wednesday.
Al Jazeera’s Shirine Tadros, reporting from Cairo, said that some workers “didn’t have a political demand”.
“They were saying that they want better salaries, they want an end to the disparity in the pay, and they want the 15 per cent increase in pay that was promised to them by the state.”
However, Tadros also said that some workers were calling for Hosni Mubarak, the Egyptian president, to step down.
The strike action came as public rallies calling for Mubarak to immediately hand over power entered their 16th day.
Determined protesters are continuing to rally in Cairo’s Tahrir (Liberation) Square, and other cities across the country. They say they will not end the protests until Mubarak, who has been at the country’s helm since 1981, steps down.
Protesters with blankets gathered outside the parliament building in Cairo on Wednesday, with no plan to move, our correspondent reported. The demonstrators have put up a sign that reads: “Closed until the fall of the regime”.
Despite continued concessions from the Mubarak camp the Egyptian people are not satisfied with anything less than his departure and an end to all the repressive measures imposed upon the people during his thirty years in power. Newly appointed Vice President Omar Suleiman is seen as a continuation of the same policies and his calls for martial law only enforce that belief.
Omar Suleiman, the Egyptian vice president, warned on Tuesday that his government “can’t put up with continued protests” for a long time, saying the crisis must be ended as soon as possible.
Suleiman said there will be “no ending of the regime” and no immediate departure for Mubarak, the state news agency MENA reported from a meeting between the vice-president and independent newspapers.
At one point in the roundtable meeting, he warned that the alternative to dialogue “is that a coup happens, which would mean uncalculated and hasty steps, including lots of irrationalities”.
When pressed by news editors to explain the comment, he said he did not mean a military coup but that “a force that is unprepared for rule” could overturn state institutions, said Amr Khafagi, editor-in-chief of the privately owned Shorouk daily, who attended the briefing.
Response to Suleiman’s statements was grim.
“He is threatening to impose martial law, which means everybody in the square will be smashed,” said Abdul-Rahman Samir, a spokesman for a coalition of the five main youth groups behind protests in Tahrir Square.
“But what would he do with the rest of the 70 million Egyptians who will follow us afterward.”
A recent tweet, if accurate, reflects the growing concern amongst Egyptian business interests that Mubarak may not survive these protests and how they will be perceived when he steps down.
