NOBEL LAUREATE MOHAMED ElBaradei has said he is willing to run in Egypt’s presidential elections, but only if a real democratic system is in place.

In a television interview, ElBaradei said the constitutional amendments to move the country towards democracy are “superficial” and appealed to Egypt’s military rulers to scrap them, or delay the 19 March referendum date.

He said: “We are at a decisive period in Egypt’s history. We shouldn’t rush. Everything should be on a solid basis”.

The amendments proposed include limiting a president to two four-year terms and allowing opposition and independent candidates to run in elections, which was not permitted under ousted president Hosni Mubarak.

However, there are no proposals to change laws regulating the formation of political parties, which ElBaradei says will allow the remnants of Mubarak’s party and the Muslim Brotherhood to control the new parliament. He also expressed concern that the current lack of security would hamper the authorities’ ability to secure the elections or protect voters.

“I can’t rule Egypt for one day under this constitution,” he said.

Economic impact

Egypt’s stock market has been closed for five weeks amid the country’s political unrest, causing economic analysts to warn that the impact of the protests which pushed Mubarak out will have a bigger financial impact than previously expected.

Major labour strikes followed Mubarak’s resignation, hampering production and unsettling daily life.

Economic growth for the current fiscal year has been revised down from 6 per cent to around 4 per cent.

- AP