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All eyes will be on Greece as it elects new leadership that may or may not be good for the country’s prospects for staying in the euro.But the biggest election this weekend will not be in Greece, writes Art Cashin, UBS Director of Floor Operations.
Cashin says you need to look across the Mediterranean for the real action that will determine U.S. policy in the Middle East over the next few years.
“The most important election this weekend may have nothing to do with the Eurozone – at least directly,” Cashin says. “The election in Egypt may change the face of the Middle East. The implications to Israel, Iran and Saudi Arabia are enormous. Will the most populous Arab nation become a theocracy? This will be some weekend.”
On June 16 and 17, Egyptians will head to the poll to vote in a runoff contest between Muslim Brotherhood candidate Mohammed Morsi and ex-Prime Minister Ahmed Shafiq.