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COUNTRY INSIGHTS

Beating Back Inflation
INDONESIA · Report · 27 Jun 2013

Executive Summary On June 21, the government finally announced the increase of domestic fuel prices in Indonesia, a decision that had been in the works for months. The decision is crucial for lowering the government budget deficit and achieving a better balance of payments. The rise of th...

Stagflation
VENEZUELA · Report · 27 Jun 2013

Executive SummaryMunicipal elections have been set for 8 December 2013. Both the government and the opposition are framing the election as a referendum on Nicolás Maduro and his government. Elections will continue influencing government policy.Pdvsa president and Energy and Oil minister Rafael Ra...

Ecuador Renounces to ATPA
ECUADOR · In Brief · 27 Jun 2013

Minister of Industries and one of Correa’s right hand announced this morning that “Ecuador gives up unilaterally and irrevocably to the trade protection under the ATPA treaty”. It is difficult to assess this statement either as provocative or irrelevant. On one side the agreement would have expir...

Assuming Absolute Power
ECUADOR · Report · 27 Jun 2013

Executive SummaryThe "steamroller" – as the new Congress is nicknamed – recently passed two key laws: the first granting the president absolute power over communication, the second appearing to ease mining concession terms for corporations. Now the president, through his delegate in the to-be-cre...

Richter Scale 6.5 Heads-Up
TURKEY · In Brief · 26 Jun 2013

Capital Markets Board launched a sweeping probe of all brokers to see whether manipulative trades have taken place during the Gezi Park crash.  I talked to several people in the financial community and this is true. CMP even asked for private e-mails and phone records as well as bank account nrs ...

Credit Remains Weak
BRAZIL ECONOMICS · Report · 25 Jun 2013

The expansion of bank loans continues to be lethargic. Despite the decline of nearly 1.5 percentage points in the household debt service level since the July 2012, the current level remains high, sustaining the high default rate and deterring private banks from expanding credit. The only dynamism...

Week of June 25: Political Insights
BRAZIL POLITICS · Report · 25 Jun 2013

President Dilma Rousseff Meets With Governors To Discuss The Distribution Of Oil Royalties For Education, Improvements In Public Services And An Analysis Of The Protests Throughout The Country.New Demonstrations Are Expected To Take Place This Week. The New Minister Of The Federal Supreme Court, ...

Not Exports, But Inflows
CHINA · Report · 25 Jun 2013

Defying expectations, export growth soared 18% in Q1, instead of the anticipated 10%. Yet a month later, those numbers had plunged, with exports rising just 1% in May. Many analysts now think the big uptick was in fact the result of a disguised money inflow, attracted by speculation on interes...

Alert: Currency Risk Ahead
UKRAINE · Forecast · 25 Jun 2013

Executive Summary Ukraine is facing a new challenge: QE3 tapering. The end of the cheap money era will change a lot for the economy.Over the past year, only the abundant international liquidity has propped up the hryvnia and, by extension, economic growth.The outflow of money from emerging market...

Alevi’s Death Infuriates Gezi Parki People
TURKEY · In Brief · 25 Jun 2013

Strong signs that AKP is preparing reform packages for Alevites and Kurds. Budget aid will be provided to Alevite temples (Cemevi) and pastors. For Kurds, Kurdish language education will be permitted in private schools, with a voucher type of system. Will the minorities settle for that little?  I...

Brazil and the Changes in the External Scenario
BRAZIL ECONOMICS · Report · 24 Jun 2013

Since the signal sent by Chairman Bernanke at the press conference following the FOMC meeting in May, that the Fed's program of purchasing US$ 85 billion in assets per month would probably be tapered back in the second half this year, the global markets have been trying to adjust to the new reali...

CBT Makes its Choice
TURKEY · In Brief · 24 Jun 2013

CBT signaled to the market that it intends to deal with the pressures on the exchange rate primarily by selling F/X than by raising funding rates. Of course, this could bite them in fanny if the GEM sell-off were to last for a “few more months”.  Treasury auctions not good...Average yields up acr...

Looking for Drivers
MEXICO · Report · 24 Jun 2013

Executive SummaryFinancial markets were roiled last week as Federal Reserve Chairman Ben Bernanke and other officials spoke more explicitly about tapering off their quantitative easing – which currently consists of USD 85 billion in bond purchases each month – sometime later this year, and comple...

Complications on the Reform Front
MEXICO · Report · 24 Jun 2013

Executive SummaryThe divisions within the National Action Party (PAN) grew more intense last week as a majority of its senate members rebelled against efforts by the national leadership to impose discipline. The skirmish suggested PAN Chairman Gustavo Madero may be failing in his effort to exert ...

The Weakening of the Real
BRAZIL ECONOMICS · Report · 24 Jun 2013

Executive SummaryThe real has been depreciating. Two forces behind this movement come from the world economy. First, the United States has entered a sustained phase of growth greater than that of other industrialized countries, while emerging countries are experiencing deceleration. This is tendi...

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