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IMF - read the West - comes good in Ukraine
Weekly investor research
31 March 2014
Good news for Ukraine as the IMF approves a two year standby agreement. Venezuela finally launches SICAD II with a major de facto devaluation. Argentina taps the local bond market for the first time in five years. Brazil is downgraded and no one cares, while a fresh poll shows a sudden decline in support for President Dilma Rousseff. Results of Turkey’s municipal election should be out today, and Mexico reforms a bit more. We discuss Weidmann and Draghi’s verbal intervention in the EUR and the latest European bank survey. Speculation about Japanese stimulus is rising ahead of corporate tax changes and we summarise the latest state of play in US household deleveraging.