Yahoo Finance 
EGYPTIAN PRESIDENT OVERTHROWN BY MILITARY
Al-Jazeera
Egyptian President Mohamed Morsi has been removed from power and the Egyptian constitution has been suspended by t he country's military.
The Muslim Brotherhood leader has been replaced by Adly Mansour, who is the chief justice of Egypt's constitutional court.
Military chief General Abdel Fattah al-Sisi called for presidential and then parliamentary elections, the establishment of a panel to rewrite the constitution, a national reconciliation committee that would include youth movements, and a national coalition cabinet.
In the hours following Morsi's departure, Egyptian military forces have been arresting pro-Islamist supporters and Muslim Brotherhood officials. They also reportedly broke into a live Al Jazeera broadcast, arresting reporters and shutting down coverage.
Morsi, who has been moved to an undisclosed location, rejected the military declaration and called for citizens to peacefully resist the "military coup."
After serving as head of state for a year, Morsi's office urged that "civilians and military members to uphold the law, and the Constitution, and not to accept that coup which turns Egypt backwards."
Sisi warned that the armed forces and police will deal "decisively" with violence responding to the army's decision.
Ahead of a 11 a.m. EDT deadline imposed by the military , Morsi refused to step down.
At 12:42 EDT Cairo journalist Jake Shenker tweeted : "Egypt 's current crisis is approaching a disturbing climax. "
Subsequently Egypt’s army began mobilizing troops and blockading bridges.
A travel ban was placed on the president and other top Muslim Brotherhood figures, according to The New York Times and Agence France-Presse.
Egyptian troops, including commandos, then deployed near protest sites and key facilities.
Earlier a Morsi advisor said : “For the sake of Egypt and for historical accuracy, let’s call what is happening by its real name: Military coup.”
BBC Middle East editor Jeremy Bowen reported that the army was deploying "all over Cairo," especially at Cairo University — a pro-Morsi hotspot.
Egyptian armour between pro and anti Morsi people at #cairo univ pic.twitter.com/gW6ssTh9N7
— Jeremy Bowen (@BowenBBC) July 3, 2013
RT http://t.co/jSCBYwM64u: Photo taken right now from our offices of army deploying on Gam3a Bridge in Giza. #Egypt pic.twitter.com/Bk5h74NVHB
— Storyful (@Storyful) July 3, 2013
Earlier the army commandeered the State TV building and removed the staff responsible for live coverage, NBC's Richard Engel reported.
Here's a photo that shows the secular/Islamist make up of Egypt:
Egyptian soldiers praying on the Jemaa bridge across the nile River at sunset in Cairo. pic.twitter.com/aPOXkTFxMB
— Ivan Watson (@IvanCNN) July 3, 2013
REUTERS/Steve Crisp
Protesters, who are against Egyptian President Mohamed Mursi, set-off fireworks in Tahrir Square in Cairo after the military overthrew President Mohamed Morsi on July 3, 2013.
On Tuesday Reuters reported, citing military sources, that the army had drafted a plan to suspend the constitution and dissolve the Islamist-dominated upper house of parliament if Islamist President Mohamed Morsi and his opponents fail to reach a power-sharing agreement by Wednesday.
Morsi rejected that ultimatum, defiantly claiming that no domestic or international forces would threaten his legitimacy as the elected head of state. "The price ... is my life," the Muslim Brotherhood leader said.
The opposition responded: "Morsi's tweet is pushing [the] country toward 'civil war,'" according to Bloomberg.
Egypt's army commander subsequently said that the army was willing to shed its blood to defend Egypt against “any terrorist, radical or fool.”
Reuters notes that on Tuesday at least 16 people, mostly Morsi supporters, "were killed and about 200 wounded when gunmen opened fire on pro-[Morsi] demonstrators at Cairo University campus."
Many fear that there will be much more bloodshed if the deadline passes without a deal, although no one really knows what will happen if Morsi doesn't back down.
On February 11, 2011, then-President Hosni Mubarak stepped down and turned power over to the military after three weeks of protests in which hundreds of demonstrators were killed.
On June 17 Morsi won the country's first democratic elections with 51.7% of the vote.
Morsi subsequently ordered the retirement of the top Mubarak-era military leadership, unilaterally extended his presidential powers, and approved an Islamist-crafted constitution while the economy continued to sputter.
We'll be following the developments throughout the day.
More From Business Insider
