Since July 3, Egypt has been seeing a transitional stage faced byincessant challenges due to the lack of political horizons comprising allplayers. The thought of political accord based on negotiation settlements ispaid little attention, especially when the initiatives launched are unreliable.Another aspect of the issue is the government policies adopted in light of thestruggle. They represent an extension of the political dispute beginning withthe presidential elections of 2012. That race uncovered the fragility of thatorder taking shape during political escalations, both in terms of weakinternal structures and dependence on foreign factors. In sum, without easingthe tension and having a clear track for dialogue and comprehensive nationalreconciliation, going into the presidency phase would raise the levels ofpolitical and economic risks.