Morsi: My Power Grab Is Just Temporary

Egypt's stock market plummeted today as President Mohamed Morsi and the nation's judiciary hinted at a compromise over his recent power grab, reports Reuters. The market dropped nearly 10%—the worst since Hosni Mubarak was toppled last year—and stopped only because of automatic controls. Meanwhile the Supreme Judicial Council appeared to extend an olive branch by saying that Morsi's new powers should only include "sovereign matters"—whatever that means, but it seems to accept some extra powers for the president.

For his part, Morsi asked for talks with political groups and said his power grab was just temporary. "This declaration is deemed necessary in order to hold accountable those responsible for corruption as well as other crimes during the previous regime and the transitional period," Morsi said. Meanwhile protesters waged sporadic battles with riot police and activists camped for the third straight day in Tahrir Square, blocking traffic with barricades. Plans for major protests Tuesday by Morsi supporters and opponents have prompted fears of further violence. "We are back to square one, politically, socially," said one analyst. (More Mohamed Morsi stories.)