The numbers looked promising. The referendum on Egypt's new constitution that concluded on January 14th showed a respectable turnout of 38% and a walloping 98% yes vote. This seemed to signal broad approval not just of the charter but of the path set by the leaders of the coup last July that shunted Muhammad Morsi and his fellow Muslim Brothers from the presidency into prison. "Egypt has returned to its owners," declared the police minister, Muhammad Ibrahim. Few in Egypt deny that the poll numbers are accurate. After all, the government, backed by rich supporters, had pumped up support for the vote, even as it snuffed out dissent, arresting a handful of activists who dared put up "no" posters. But as the country reaches the third anniversary of its January 25th revolution, many Egyptians fail to share Mr Ibrahim's bullishness-except, perhaps, for punters on the stock exchange, whose index has surged by 43% since last year's coup.
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