All Policy Analysis by Ehud Yaari

After surviving four decades of challenges, the peace treaty is gaining new life as Israel quietly forges closer relations with the post-Morsi authorities in Cairo.

A serial loss of regional allies, serious financial difficulties, internal squabbling, and inability to build up its military capabilities have all weakened Hamas, leaving it vulnerable to potential unrest in Gaza.

The uptick in Sinai attacks since Morsi's ouster has raised political and security concerns that may force Egypt's military to assert itself in the peninsula.

If the president takes a risk and advocates interim steps, he will be making a major contribution toward sustaining a two-state vision that is slowly fading in the minds of Israelis and Palestinians.

Reaching a viable Egyptian-brokered ceasefire will not be easy, but if the aim is anything more than a temporary break from fighting, it's a deal worth striving for.