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COUNTRY INSIGHTS

Conflict en route to the 20 percent
VENEZUELA · Report · 15 Sep 2016 · 1 response

The September 1 demonstrations moved Venezuelan politics from an unstable equilibrium to open confrontation. They confirmed massive popular support for a regime change through elections, and strengthened the MUD and the moderate opposition. The government responded by escalating conflict and hara...

The Lava Jato investigation hits Lula
BRAZIL POLITICS · Report · 15 Sep 2016

The Curitiba-based corruption investigation just dealt a big blow to the political future of Lula and the Workers’ Party (PT). The Lava Jato investigation has formally accused the former president, former first lady Marisa Letícia, the president of the Lula Institute, Paulo Okamotto, businessman ...

Fuzzy Economic and Political Panorama
ECUADOR · Report · 15 Sep 2016 · 1 response

President Correa and the government are making all efforts to achieve in three months what they neglected to pursue in the past 10 years. The trade preferences with the European Union end in December and will cost the export sector $400 million. Correa is offering to compensate exporters for thes...

Politics: Peña's Options for Defusing the Crisis
MEXICO · Report · 14 Sep 2016

The clearest political ramification to date of President Enrique Peña Nieto’s grave miscalculations hosting U.S. Presidential nominee Donald Trump has been a further yawning of the political void separating the Mexican people from the president and his government. With the president’s disapprova...

Economics: Fiscal and Budget Debates Collide
MEXICO · Report · 14 Sep 2016

The presentation of the government’s budget proposals last Thursday prompted a response from business groups looking to propose a “fiscal counter reform” aimed at rolling back some aspects of the major overhaul of tax rules Congress passed in the fall of 2013, better known as the 2014 fiscal refo...

CA surplus declines, offset by robust FDI
ISRAEL · In Brief · 14 Sep 2016

The CA surplus in Q216 slowed to 2.7bn USD following 2.9bn in Q116. This was the result of a higher trade deficit of 2.0bn compared to 1.5bn last quarter as merchandise imports ( in part due to higher energy prices) increased by 4.6% and exports only by 1.5% . The service account surplus remained...

Infrastructure: The Government’s Investment Partnerships Program (PPI)
BRAZIL POLITICS · Report · 13 Sep 2016

The Council of the Investment Partnerships Program (PPI-Council) met at the Planalto Palace to discuss ten basic changes to infrastructure concession programs. Among the main changes, long-term financing for infrastructure works will be contracted as the concession begins. There will be no interm...

Inflation: Temporary Relief
VENEZUELA · Report · 13 Sep 2016

Slower inflation in August and September reflects weaker demand and a slight relief on the supply side. In our view, this moderate slowdown won’t last for long. Falling real income has led sellers to mitigate price increases in order to protect sales and cash flow. The government has helped sl...

New Faces from Within
RUSSIA / FSU POLITICS · Report · 13 Sep 2016

Head of the Presidential Administration and long-term Putin’s trusted friend Sergei Ivanov stepped down to be replaced by his former deputy Anton Vaino, who is younger and is not a Putin’s friend. That continues the overall trend of Putin gradually replacing his old trusted friends in key governm...

Current Account Deficit Eases in Q2 2016
SOUTH AFRICA · Report · 13 Sep 2016

Just as the market expected, the deficit on the current account narrowed in the second quarter of 2016. Expressed as a percentage of gross domestic product (GDP), the deficit on the current account eased to 3.1% in Q2 2016, from an upwardly adjusted 5.3% (previously 5%) in Q1 2016.

Exports stabilizing at a low level but trade deficit up on import growth
ISRAEL · In Brief · 13 Sep 2016

In June-August, industrial exports increased 3.6% SAAR (trend data) following a contraction of 8.5% the previous three months. Imports of raw materials increased 5.3% following an increase of 5.6% the previous there months. Imports of consumer goods are down 10.9% (due to a sharp decline in new v...

New Projections: No Great Changes
BRAZIL ECONOMICS · Forecast · 12 Sep 2016

We assume the government will have reasonable success in winning approval of the proposed constitutional amendment (PEC) to cap the nominal adjustment of public spending at the previous year’s inflation, and sends to Congress a proposal for social security reform that establishes minimum retireme...

Week of September 12
BRAZIL POLITICS · Report · 12 Sep 2016

President Michel Temer announces an infrastructure concessions plan, his main bet to stimulate the economy. The disbarment of former Lower House President Eduardo Cunha (PMDB-RJ) is the main political event of the week in Congress. There will be protests against him in Brasília. In the Lava Jato ...

Exchange Rate, Risk and Monetary Policy Reaction
BRAZIL ECONOMICS · Report · 12 Sep 2016

Up to the early weeks of 2016 the quotations of Brazil’s CDS rose simultaneously with steep depreciation of the exchange rate. The exchange rate is an asset price, reacting strongly to expectations. For this reason, as the perceived chances of impeachment increased, the depreciation movement inve...

Fighting for an Ambitious Agenda
PERU · Report · 12 Sep 2016

President Pedro Pablo Kuczynski is enjoying a warm honeymoon, with popularity ratings of around 61%, and approving commentaries in both domestic and international media. But he’ll have to negotiate hard with Congress to advance his ambitious five-year agenda. Key aims include raising potential GD...

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