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Edition May 3, 2016 - Crédit Agricole S.A.
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  • Edition May 3, 2016

    Emerging Countries – Monthly News Digest

    Highlights: What are the consequences of devaluations in the Caucuses and Central Asia? In Serbia, the outcome of elections came as no surprise. Saudi Arabia is faced with challenges as it abandons its rent-driven model. Mozambique discloses that it has hidden over USD1.3 billion of debt. South Korea experiences a bout of weakness. Brazil moves towards impeachment.

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  • Contents:

    - Central and Eastern Europe, Central Asia
    - North Africa, Middle East
    - Sub-Saharan Africa
    - Asia
    - Latin America
    - Trends to watch

  • Extract – Brazil: Moving towards impeachment

    By 367 to 137, Brazil's lawmakers voted to continue the impeachment procedure against President Dilma Rousseff. The case has accordingly been passed on to the Senate, where an ad hoc commission will vote in May on the timeliness or otherwise of the procedure. If it votes to proceed, the President will be suspended until a vote in the plenary assembly within a maximum timeframe of 180 days, and she will be temporarily replaced by Vice President Michel Temer. If successful, the impeachment process will terminate Dilma Rousseff's mandate.
    At the risk of shocking a part of our readership, we will begin by restating that this is, in our view, a political trial, which takes us very close to the idea of a coup in legal clothing. Whatever we may think of Dilma Rousseff's economic policy (not a lot), and whatever lies she uttered during her 2014 electoral campaign, the facts lined up against her ("manipulation of the public accounts") do not justify her removal from office.

  • Argentina: the cost of risk is falling

    The success of Argentina's bond issue tells us two things First, that there is abundant available liquidity in the markets on the lookout for higher yields. Despite the downbeat prognostications about the growth outlook (most recently from the IMF) and even alarmist sentiment about emerging countries (a "Brazil effect"), risk aversion is undoubtedly declining.

    Argentina: the cost of risk is falling
  • Associative topics : Africa and Middle East | Asia and Oceania | CEE and Central Asia | Economics

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