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Tymoshenko Agreed to go to Germany for Treatment
UKRAINE · In Brief · 04 Oct 2013

Finally we have a piece of positive news about Ukraine, the jailed former Prime Minister Yulia Tymoshenko agreed to go to Germany for treatment thus opening the way for signing EU Association agreement in November.Recall, over the last few months the main uncertainty about potential EU Associatio...

Yasuni is Worth $18b in Present Value but What is the Net Present Value?
ECUADOR · In Brief · 04 Oct 2013

As all expected, the National Assembly declared of "national interest" the exploitation of the Yasuni oil reserves.  With 108 votes against 25, legislators included blocks 43 and 31 in the document.  However, the approval excludes activities in the "intangible zone" --the area where the Tagaeri-T...

Stability Reaffirmed
RUSSIA / FSU POLITICS · Report · 04 Oct 2013

Sergei Sobyanin won the Moscow Mayor’s election but ensured a small voter turnout and voter support for himself only marginally higher than 50%. That may make his position in the elite hierarchy become less prominent. His main opponent Alexey Navalny won over a quarter of all votes despite having...

Surprise Positive Outlook on an Expected Investment Grade Rating
PHILIPPINES · In Brief · 03 Oct 2013

Moody’s raised today the Philippine government credit from Ba1 to an investment grade of Baa3, an action that would have been dismissed as long-delayed were it not for the positive outlook that came with it.  The positive outlook “reflects the expectation of continued economic outperformance by t...

Bad Print, Lira Pass-Through Continues
TURKEY · Report · 03 Oct 2013

At 0.8%, CPI-inflation came in at somewhat higher than consensus, but broadly in line with our forecast. The 12-month rate nevertheless edged down to 7.9%, from 8.2% in August, thanks to last year’s elevated base. Notably, at 0.7%, core inflation -- measured by the I-index that excludes food, tob...

Serra’s Permanence in PSDB is Positive for Dilma and Poses Challenges for Aécio
BRAZIL POLITICS · Report · 02 Oct 2013

Former Governor José Serra (PSDB-SP) has decided to remain in the PSDB.There was a possibility of Serra's going to the PPS.The national president of the PPS, Rep. Roberto Freire (SP), had offered the party to the former governor to run for president again in 2014. Freire claims that “He (Serra) c...

Industrial Production Stagnant and Without Good Perspectives
BRAZIL ECONOMICS · Report · 02 Oct 2013

Industrial production in August was stable, causing a decline of 1.2% in the 12-month variation (Graph 1). With this, the carry-over to the third quarter reached -1.7%, meaning that for output to remain stable in the quarter, growth in September will have to be 5.1%, which is highly unlikely. In ...

Heads-Up: ISIS Threatens Ankara
TURKEY · In Brief · 02 Oct 2013

The Islamic State of Iraq and Levant or Syria (ISIS) issued a web-based threat to Ankara to re-open two border crossings, Bab-el Hava and Bab-ul Salam, by 8 October or face nationwide suicide bomb attacks.  The threat was issued on a website believed to have in the past communicated such messages...

Uncertain Times
ARGENTINA · Report · 02 Oct 2013

This report reviews some factors that are generating political and economic uncertainty for the immediate future. They are the upcoming midterm elections, the legal battle with the holdouts, the dubious 2014 Budget, and the government’s interventionist stance. Although none seems important enough...

How the Budget Numbers Stack Up
MEXICO · Report · 01 Oct 2013

Executive SummaryA series of legally binding budget deadlines, legislative calendars and partisan political calculations pose the possibility of a congressional train wreck if the administration of President Enrique Peña Nieto and the leaders of the main political parties fail to find common grou...

2014 Budget Law Ready to be Sent to Congress
CHILE · In Brief · 30 Sep 2013

President Sebastián Piñera announced yesterday the main fiscal figures of the 2014 budget proposal. Public spending budget is expected to increase 3.9 percent in real terms in 2014 while structural fiscal deficit is expected to fall to 1% of GDP in 2014. The 2014 Budget Law will be sent today to ...

The Reform Package: Appears Decidedly Half-Empty
TURKEY · In Brief · 30 Sep 2013

I defer a Market Brief on Erdogan’s Reform Package till Tuesday, because of what I stated in the Weekly Tracker:“The content of the reform initiative is not the most relevant issue about its impact on Turkey’s fractious political landscape. It is the reception by Kurds and Alevites that count her...

Political Insights: Week of September 30
BRAZIL POLITICS · Report · 30 Sep 2013

A week of intense political negotiation, as Saturday is the deadline for the creation and membership of political parties for the 2014 elections. On Tuesday, the TSE examines the creation of Rede, Marina Silva’s party. Main Topics on the October Agenda Politically, the beginning of the month of O...

EL SALVADOR: Stiff Challenges
CENTRAL AMERICA · Report · 29 Sep 2013

Executive SummaryEl Salvador’s next president won’t have an easy time of it. His major challenge, after taking office next June, will be to restoke growth, dragging along at about 2% since 2009, when real GDP declined by 3.1%. Our 2013-14 forecast points to more of the same. A key element will be...

Weekly Tracker: Sep 29-Oct 5
TURKEY · Report · 29 Sep 2013

Executive SummaryMonday is a landmark day in Turkish politics, when PM Erdogan unveils the Reform Package. Contents will not satisfy either the Kurdish or the Alevite leadership, but the masses may be more sympathetic. A strange brawl during a soccer derby appears related to Gezi Parki, proving o...

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