Egypt to announce result of constitution vote

CAIRO - Egypt will announce on Tuesday the official results of a vote on its new constitution, the head of the elections committee told state media on Monday, a step which paves the way for the formation of a new parliament in about two months.

The creation of a new constitution is a vital step in Egypt's transition to democracy almost two years after the fall of military-backed strongman Hosni Mubarak.

But the opposition says the text, crafted mostly by President Mohamed Morsi's Islamist allies, fails to guarantee personal freedom and the rights of women and minorities. It says it will lead to more trouble in the most populous Arab nation.

Unofficial tallies from the Muslim Brotherhood - which catapulted Morsi into the presidency this year - indicated that 64 percent had approved the charter. An opposition tally had a similar result.

"The Supreme Elections Committee will announce on Tuesday at 7 PM (17:00 GMT) the results of the referendum on the new constitution," judge Samir Abu el-Matti told state radio and TV late on Monday.

Matti also said that the committee, which is led by judges, had spent the last two days investigating opposition and rights' groups accusations of voting fraud.

Morsi's critics said the vote, conducted in two stages in a process that ended on Saturday, had been marred by a litany of irregularities, and have demanded a full inquiry.

The opposition, a loose alliance of socialists, liberal-minded Muslims and Christians, have also noted that less than a third of those eligible turned out to vote, undermining the legitimacy of the new constitution.

ELECTION LOOMS

If the "yes" vote is confirmed, a parliamentary election will follow in about two months, setting the stage for Islamists to renew their battle with more secular-minded opponents.

Opposition politician Mohamed ElBaradei, a Nobel peace prize winner, urged Morsi to form an all-inclusive government together with the liberal camp in order to patch up divisions and steer Egypt out of trouble in a democratic way.

"I am ready to join hands with President Morsi on condition that he forms a national (unity) government and speaks as president for all Egyptians," he told the daily Al-Shorouk.

ElBaradei, the former head of the U.N. nuclear agency, said a new assembly should rewrite the draft - a call unlikely to be heeded by Morsi, who is keen to push it through quickly.

By forcing the pace on the constitution, Morsi risks squandering the opportunity to build consensus for the austerity measures desperately needed to kick-start a the ailing economy, economists say.

Highlighting investor concerns, Standard and Poor's cut Egypt's long-term credit rating and said another cut was possible if political turbulence worsened.

Responding to what it said were market rumours, the central bank said it was taking steps to safeguard bank deposits.

Some Egyptians say they have withdrawn their funds from banks out of concern that they will be frozen by authorities.