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COUNTRY INSIGHTS

Economics: Lower Outlook, Deeper Cuts
MEXICO · Report · 14 Apr 2016

The Ministry of Finance sent the Chamber of Deputies its “Preliminary Economic Policy Criteria for 2017” on April 1. The preliminary criteria text depicts a relatively conservative macroeconomic scenario for 2017: GDP growth between 2.6% and 3.6% (as opposed to GEA’s 2.1% estimate); 3% inflation...

Politics: Panama, Bloomberg and Anti-Corruption
MEXICO · Report · 13 Apr 2016

No Mexican government officials have been mentioned so far in the Panama Papers, although the names of a number of prominent businessmen have turned up. But one whose financial activities may prove to be especially politically significant is Juan Armando Hinojosa, who has emerged as a major gover...

​Court of appeal gave green light for debt placement and holdouts payment
ARGENTINA · In Brief · 13 Apr 2016

Today the United Stated Court of Appeals for the Second Circuit confirmed Griesa´s ruling, by which it allows again Argentina to honor its debt commitments in the US market, and effectively worldwide. For a starters, Argentina will be able to pay its 2005/2010 restructured debt (Discounts and Par...

Risk of impeachment increases to 65%
BRAZIL POLITICS · Report · 12 Apr 2016

The approval of the pro-impeachment report written by rapporteur Jovair Arantes increases the difficulties of the government. Although not a surprise, it is one more defeat for President Dilma Rousseff.

Committee approves impeachment by a margin of 38 X 27
BRAZIL POLITICS · Report · 12 Apr 2016

The Impeachment Committee approved the report by Rep. Jovair Arantes (PTB-GO) in favor of opening the impeachment proceedings against President Dilma Rousseff. The report received 38 votes in favor, while 27 voted against it.

New CBRT chairman: The proof of the pudding is in the eating
TURKEY · In Brief · 11 Apr 2016

Dr Murat Ucer covered the basics of the appointment of Mr. Cetinkaya as the new CBRT head yesterday, where he also voiced my disappointments that Turkey is unlikely to witness prudent and independent monetary policy in the near future. In this brief, I want to add more political analysis and comm...

Kuczinski now sure in the runoff. Peruvian assets surge
PERU · In Brief · 11 Apr 2016 · 2 responses

With 82.55% of the votes already tallied, Keiko Fujimori, Pedro Pablo Kuczynski and Veronica Mendoza have gathered 39.55%, 22.11% and 18.27% respectively. Markets reacted very positive to the electoral results. The sol appreciate by 2% against the dollar in early trading, sovereign bonds yields t...

Week of April 11
BRAZIL POLITICS · Report · 11 Apr 2016

A very busy week given the vote on the impeachment of President Dilma Rousseff. The matter is expected to be concluded in committee this Monday. The discussion on the House floor could begin on Friday, with deliberation on Sunday, April 17. There will be several demonstrations, both in favor and...

Two Crises: Political and Fiscal
BRAZIL ECONOMICS · Report · 11 Apr 2016

In the midst of the worst recession in the past 35 years, caused by the current government’s mistakes, Brazil is facing two crises: a fiscal crisis, leading to explosive growth of the gross public sector debt in relation to GDP; and a political crisis that threatens the administration’s survival....

Imagining a Victory
RUSSIA / FSU POLITICS · Report · 11 Apr 2016

Russia’s announcement of a troop withdrawal from Syria after an alleged victory is both a domestic and international move. The domestic audience can now celebrate victory and feel relieved that the campaign will not last forever. Meanwhile, internationally, it sends a signal that Russia is willin...

Mr. Murat Cetinkaya to Become the New CBRT Governor
TURKEY · In Brief · 11 Apr 2016

Today the government has decided on the appointment of Mr. Murat Cetinkaya -- currently a Deputy Governor and an MPC member -- as the new Governor of the CBRT. Mr. Cetinkaya (together with Dr. Ahmet Faruk Aysan, the Bank Board's Representative at the MPC) was among the most likely candidates for ...

Alleviation of Inflation and Caution by the Central Bank
BRAZIL ECONOMICS · Report · 11 Apr 2016

The IPCA in March grew by 0.43%, bringing the figure over the preceding 12 months to 9.39%, the lowest since June last year. The deceleration was led by regulated prices, but was helped by less adjustment pressures in service prices. The country seems to have entered a period of declining inflati...

Majority of the PMDB believes the impeachment will be approved
BRAZIL POLITICS · Report · 11 Apr 2016

A poll conducted by Arko Advice from April 5-7, with 44 Federal Representatives from the PMDB, reveals that 52% believe the impeachment of President Dilma Rousseff will be approved by the House of Representatives. 39% think otherwise, while 9% did not know or did not answer.

Peru's runoff will be contested between Keiko Fujimori and Pedro Pablo Kuczynsky
PERU · In Brief · 11 Apr 2016

It is just past midnight on the election day in Peru and currently processed data suggest that almost surely Keiko Fujimori and Pedro Pablo Kuczynsky will participate in the runoff election scheduled for the 5th. of June. A sample of actual votes surveyed by Ipsos, a pollster, indicates that Fuji...

Yatsenyuk announces resignation
UKRAINE · In Brief · 10 Apr 2016

Today Prime-minister Arseniy Yatsenyuk announced his intention to resign. His resignation statement will be officially submitted to the Parliament on April 12th. In fact, this means that President Poroshenko has finally found enough votes at the Parliament for Volodymyr Groysman who will be nomin...

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