In the corridors of the Davos proceedings, the fear being voiced by many was that the opposition Muslim Brotherhood could come to power, and that its self-perpetuated image of a moderate and charitable group focused on religious instruction and social services might mask a more extremist Islamic agenda.
This tactic is reminiscent of Hamas, the militant Palestinian movement that Israel has battled in Gaza. Hamas actually grew out of the Egyptian-based Muslim Brotherhood.
The Muslim Brotherhood, experts here said, is also similar to Hezbollah, the Iranian-backed militant political force in Lebanon, in the way it has shrewdly portrayed itself as a moderate force, dispensing largesse in the form of social aid.
The Muslim Brotherhood's spiritual leader, Yusuf al-Qaradawi, also known by counter-terrorism experts as an early inspiration of Osama bin Laden, on Saturday called for Mubarak to leave Egypt.
"Mubarak must give up his position and leave Egypt," he said in a speech that was broadcast on Al Jazeera. "There is no solution other than the departure of Mubarak. Go, Mubarak, leave these people!"
At Davos, another warning was issued by former United Nations deputy secretary-general and British foreign office minister with responsibility for Africa, Lord Mark Malloch-Brown.
"If Egypt goes then you have to ask if other Middle Eastern countries, like Jordan or Syria, are now in play," he told delegates here.
Senator John Kerry, also here at Davos, told BBC World News that Mubarak needed to respond to the concerns of his citizens.
"The key is for Mr Mubarak to respond adequately to real frustrations and pent-up demand in the general population of Egypt," he said, adding that Mubarak "can turn this into a positive and transformative event for Egypt."
If that last comment sounds a bit naïve, Kerry was careful to add that the situation may have gone too far to be recovered.
While Egypt overshadowed the Davos meetings, a brighter message was delivered by three new members of the transition government of Tunisia, who made their debut here Saturday.
Two ministers and the new central bank governor blithely told delegates here that "Tunisia is open for business again."
Mustapha Kamel Nabli, new Tunisian Central Bank Governor, tried to talk up his country's post-revolution climate by saying there is now "a much more favourable business environment."
"We don't see any major difficulties and would like to make this clear to investors," he added, noting that while tourism had been badly damaged by the violence, people were returning to work, public services were working, and the banking system was functioning.
"I would like to convey to investors that that the country has returned to business. Democracy is good for investment," Nabli said.
While delegates remained fixated on the unfolding events in Egypt, Europe-s woes became something of a sideshow.