"Egypt’s turmoil has turned violent, with the 40-plus deaths of supporters of the deposed Islamic president. The Muslim Brotherhood has called for an uprising.
Markets are no more stable. On Friday, rating agency Fitch weighed in, downgrading the country’s foreign credit rating. The EGX30 share index has fallen 3.6 per cent on Monday. Yet at the same time, bond yields and the price of default insurance, which had previously surged, have come back down to levels prior to the ousting of Mohamed Morsi. The markets seem as confused as the people.
First, the Fitch downgrade. The agancy last assessed Egypt’s foreign currency ratings back in January, downgrading it to ‘B’. This time it has moved the country down another notch to ‘B-’. In its statement, Fitch said:"
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