The unrest and uncertainty in Egypt is widely covered in the Guardian, Times, Telegraph and Financial Times in the aftermath of Sunday’s mass protests against the rule of President Mohammed Morsi. All report on the ultimatum issued by Egypt’s army to Morsi, giving him forty eight hours to “meet the demands of the people” in what is being viewed by many as a veiled threat of a military coup. Morsi appears to have rejected the ultimatum and several of his government ministers have resigned, increasing the uncertainty over Egypt’s future. Writing in the Guardian, Ian Black summarises the enduring power of the military in Egyptian politics and in the public consciousness.

Both the Independent and its sister publication Independent i include exerts from an interview with outgoing Bank of Israel Governor Stanley Fischer, who says that in economic terms, a peace deal with the Palestinians could add an extra one or two per cent on Israel’s annual growth figures. Fischer also emphasised the importance of greater ultra-Orthodox involvement in Israel’s economy.

Meanwhile, the Independent i also notes the conviction yesterday in an Israeli court of a 29-year-old man who stabbed his parents to death in an apparent attempt to access inheritance money to cover gambling debts.

The Times includes a feature on the ongoing fighting between forces loyal to President Assad and opposition groups seeking his downfall in the historic Syrian city of Aleppo. The in-depth report charts the fate of the city’s historic sites and also notes the involvement of Hezbollah fighters in the violence.

All Israeli dailies lead today with the situation in Egypt, following the military’s ultimatum issued to President Morsi. Yediot Ahronot includes the front page headline “Army intervenes in Egypt” while Makor Rishon and Israel Hayom focus on the forty eight hour deadline handed to Morsi by the army.  Maariv and Haaretz say that Egypt is on the “verge of a coup.” Writing in Maariv, Amir Rapaport says that although the instability in Egypt is worrying for Israel, a loss of power for the Muslim Brotherhood would in the long-term be a positive development. Israel Radio news says that Egyptian forces have deployed thirty tanks on the Gaza border to prevent terrorist infiltrations into the Sinai Peninsula. The tank movements were coordinated with Israel, as required by the terms of the Israel-Egypt peace treaty.

Meanwhile, Maariv reports that on Israel’s northern border with Syria, the IDF is continuing to reactivate formerly abandoned military posts as the instability in Syria continues. This process began several months ago but is reportedly being intensified with some outposts being reactivated for the first time since the 1973 Yom Kippur War.

Israel Radio news and Israel Hayom preview a hearing in the Supreme Court today, which will hear an appeal by the state against the acquittal of former-Prime Minister Ehud Olmert in the so-called Rishon Tours and Talansky affairs. The Jerusalem District Court found Olmert not guilty of allegations that he profited from foreign trips while in office and that he unlawfully received large amounts of money. Five Supreme Court judges will hear the state’s appeal.