Egypt

The freezing of the assets of the Muslim Brotherhood is unlikely to dent the group's popularity, although alongside the constitutional reforms which will prevent independents standing for parliament, it may reduce its ability to present any real challenge to the National Democratic Party. We have revised up our short-term political risk ratings by two points, on the back of the improved outlook for the government's policymaking capability. As ever we emphasise the risk that any perceptions that the government has acted unfairly to the Muslim Brotherhood, or any other group with high levels of public support, could cause instability in

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