GlobalSource Partners | Country Insights

The Cabinet submitted a war powers bill to the parliament which seeks to receive broad authority to combat ISIS, PKK and “other terror organizations in our region” at home and abroad. The bill is worded intentionally vague, leaving much of the discretion in terms of specifics to the Cabinet. For ...

Reform Package: Neutral for Politics, Neutral for Markets

TURKEY · Report · 01 Oct 2014

The Reform Package (RP), announced by Prime Minister Erdogan on Monday failed short of the media campaign that led to it, as well as the aspirations of the intended recipients except one clientele: the devout Moslem females. Mr. Erdogan demonstrated once again that substantial human rights reform...

Dilma leads; Marina and Aécio Fighting for a Spot in the 2nd Round

BRAZIL POLITICS · Report · 30 Sep 2014

The CNT/MDA and Vox Populi polls (9/29/2014) give Dilma Rousseff (PT) a 15-point lead over Marina Silva (PSB) in the 1st round. This is a considerable advantage given that there is less than a week left before the election. The question is – whom will she face in the 2nd round?It is likely to be ...

Weak Links in 2015 Budget

MEXICO · Report · 30 Sep 2014

Since the Ministry of Finance handed Congress the administration’s 2015 budget proposals, a number of officials have come forward to argue that if approved, this budget would prove to be both responsible and one that would push public investment to new record highs, even going so far as to argue ...

Harbingers of More Good Things to Come

MEXICO · Report · 30 Sep 2014

Executive Summary Signs of recovery are growing broader, and more pronounced, suggesting brighter prospects for H2.Industrial production in July was growing 2.1% faster than a year earlier. This was the sixth increase in 2014, and the second biggest, after the 3.6% increase in March. The Mexican ...

Back to Basics

VENEZUELA · Report · 30 Sep 2014

Executive Summary With $6.4 billion in Venezuelan public debt service payments coming due in the fourth quarter of 2014, $10.0 billion coming due annually between 2015 and 2017, and liquid foreign assets at dangerously low levels, markets are nervous about the possibility of default. This report ...

Griesa Declares Argentina in Contempt

ARGENTINA · In Brief · 29 Sep 2014

Local press published that Judge Griesa ruled in today’s hearing that Argentina is in contempt. He has not yet declared what fine he will set on Argentina, which he would announce at a later point. Earlier today, anticipating such decision, the Argentine government sent a note of protest to both ...

Political Insights: Week of September 29

BRAZIL POLITICS · Report · 29 Sep 2014

This is the final week of campaigning before the first round of the elections, scheduled for next Sunday, October 5.TV Globo will host a debate with gubernatorial and presidential candidates on September 30 and October 2, respectively.Six presidential voting intention polls are registered with th...

In The Search For Money

ECUADOR · Report · 29 Sep 2014

Executive SummaryThe fiscal deficit for 2014 will reach $7272 million or 7% of GDP –the highest since year 2000. The government has secured 74% of financing as of September and needs to raise $3 billion more before year end to cover total financing needs that are at $11.3 billion.In this context ...

Reversal of Unemployment and Caution in the Credit Market

BRAZIL ECONOMICS · Report · 29 Sep 2014

For an extended period the unemployment rate measured by the Monthly Employment Survey (PME, covering six metropolitan regions) was only moving in one direction – downward. However, the most recent data indicate a reversal. The participation rate appears to have stopped falling, contributing to a...

Another Wait and See

ARGENTINA · In Brief · 29 Sep 2014

Last Friday, during the hearing between Citi Bank and Holdouts regarding whether debt instruments issued under Argentine law are within reach of Griesa’s “pari pasu" interpretation, the judge decided to postpone the definitive resolution and implement a temporary stay to allow holdouts to present...

Ukraine’s public debt breaks 60% of GDP ceiling

UKRAINE · In Brief · 29 Sep 2014

In August public debt grew 12.9% m/m up to UAH 945.8 billion ($69.5 billion) which is near 63% of GDP (our estimate of GDP). Refunding of Naftogaz (UAH 46.7 billion) as well as new wave of hryvnia weakening were the key reasons for fast state debt growth through the month. Though this result was ...

Datafolha: Dilma Doubles Her Lead

BRAZIL POLITICS · Report · 28 Sep 2014

The new Datafolha presidential poll shows that Dilma Rousseff increased her lead over Marina Silva (PSB) in the 1st round.In the 2nd round, Dilma has a four point advantage over the PSB candidate.The poll also showed that the distance from Marina Silva to Aécio Neves (PSDB) is decreasing.However,...

Weekly Tracker: Sep 28-Oct 4

TURKEY · Report · 28 Sep 2014

Executive Summary In an unexpected and breathtaking change of heart, President Erdogan converted from reluctant coalition partner in the war against ISIS to eager counter-jihadist. Just how thorough his conversion is, will be seen this week when the AKP government submits two motions (bills) to p...

Foreign Exchange Agreement 30

VENEZUELA · In Brief · 26 Sep 2014 · 1 response

Foreign Exchange Agreement (CC) 30 seeks to increase the bolivar amount that Fonden receives from Pdvsa for the windfall tax stipulated in Decree 8807 (20 February 2013). The contribution is set in dollars and up to 50 percent can be converted in bolivars. Until now, the conversion was done by th...