"It’s hard to escape the conclusion that Morsi has overreached, and that he did so partly on the strength of his recent diplomatic victory in Gaza"
-- Michele Dunne, Former member of the National Security Council under President Obama, Washington Post
"An alarming dynamic is taking hold in Egypt. Power-grabs, brinksmanship and walk-outs are becoming the norm, as a bitter struggle plays out among newly empowered Islamists, vestiges of the Mubarak regime and the country's deeply divided liberals. Political paralysis is the result -- with rule by presidential decree, overreach by the judiciary, and a deadlocked constitutional assembly. As polarization deepens, desperately needed economic, political, and judicial reforms stall."
-- David Rohde, The Atlantic
If Morsi was trying to save the constitution drafting committee and assembly from an impeding court decision by December 2; looks like then he did not have much time and hence he picked the high point immediately after Gaza Truce. But fact remains that, Morsi now has contributed to further fragmentation and division within Egyptian Politics. May be leadership in Egypt is nothing apart from barreling through all this pain (Lincoln?). That can be believed if indeed Morsi relinquishes these 'powers' after the new constitution is drafted and it comes into effect. But that is still few months away and till then unease is unlikely to go away.
However, I do not agree with a suggestion that IMF money should be used to pressure Egypt for more democratic political process. It is better that IMF generally stays away from Politics and continues its focus on getting Egypt's Public Finances in order. In an elected President, Egypt has at least some Democracy whereas its Public Finances have effectively collapsed.