Egypt

The Egyptian government faces a very difficult time in 2010, with historically prominent issues such as (a) the succession of President Mubarak, (b) the use of military courts, emergency rule and the parliamentary electoral system, and (c) the country's relations with Israel, Fatah and Hamas all likely to rise even further to the fore. In addition, with both parliamentary and presidential elections approaching, it will be crossing its fingers that the headline figures suggesting an economic recovery are enough to convince the population. We think there is a risk of a 'double dip', with consumer spending numbers still looking very

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