Catharsis Ours: Economic News , Data & Views ( May 23 , 2016 ) Overview ( 1.Puerto Rico Gets Caught In US Presidential Politics As Sanders Rejects House Of Representatives Deal , Puerto Rico Budget - No New Taxes Or Layoffs . 2. IMF Calls For Immediate Greece Debt Release. 3.Saudi 'Quietly " In Financial Distress - Contractors Facing Being Paid In IOUs. 4. Venezuela Crisis De Jour - Coca Cola Stops Making Coca Cola In Venezuela Because Of Sugar Scarcity. 5. China Lose Resolve to Revamp Currency - Everyone Confused And Running Quietly Scared. 6. Greece - Eurogroup Meeting Set For Tuesday - First Review Completion and Next Tranche / Debt Relief On Agenda , Privatization , Refugee Situation . 7. Brazil Political Corruption Crisis Escalates - Budget Minister Steps Aside . 8. Germany / Austria In the News , Various Items , Polling Data , Austria Election. 9. Turkey News De Jour. 10. Odds & Ends

Markets & Market Moving News....

PUERTO RICO BUDGET WILL CONTAIN NO NEW TAXES NOR WILL THERE BE  ANY LAYOFFS; EAT SHIT @GOP GRINGOS : GOV GARCIA

‏@ReutersBiz

Bernie Sanders rejects House deal on Puerto Rico, calling it a concession to Wall Street. http://reut.rs/20s16C6 

‏@Frances_Coppola

The full horror is here. IMF DSA on Greece, just released. http://www.imf.org/external/pubs/ft/scr/2016/cr16130.pdf …

‏@ekathimerini

IMF proposes measures to reduce debt http://dlvr.it/LNXK6N 

‏@Schuldensuehner

#IMF calls for immediate #Greece debt relief. http://www.ft.com/cms/s/0/2bf58684-2102-11e6-9d4d-c11776a5124d.html …

‏@nasoskook

#IMF: The fixing of the interest rates on Greek loans would  require a commitment by Eurozone member states to compensate ESM for the losses

‏@fredwalton216

Doesn't give comfort regarding  IMF forecasts out to 2060 or 2080 , when their DSA from 2015 is , so far off base.

Gabriel Sterne @GabrielSterne

Latest IMF Greek debt/GDP forecast revisions are huge, though IMF a bit less culpable than earlier crisis revisions 

‏@Schuldensuehner

Saudi financial crisis 'could leave oil at $25' as contractors face being paid in IOUs. http://www.telegraph.co.uk/business/2016/05/22/saudi-financial-crisis-could-leave-oil-at-25-as-contractors-face/ …

‏@Schuldensuehner

Sugar so scarce in #Venezuela that Coca-Cola will stop production. State on verge of default http://bloom.bg/1TuOmpY 

‏@Schuldensuehner

#China, preferring stability to free markets, loses resolve to revamp currency http://on.wsj.com/1TuSc2p 

Greece......

‏@fredwalton216

Greece can't grow out of debt. Achieving 3.5% primary surplus a fairy tale as IMF thinks hitting 1.5%  a stretch.

Frances Coppola @Frances_Coppola

So, I wrote about those awful unemployment projections for Greece. http://www.forbes.com/sites/francescoppola/2016/05/23/imf-predicts-unemployment-in-greece-will-fall-to-12-percent-by-2040/#420048c3968d …. Thanks to @JWMason1 for the headline.

‏@ekathimerini

Gov't looks to loan funding, debt relief after approving measures http://dlvr.it/LNXJwV 

‏@ekathimerini

Fraport welcomes approval of airports concession contract http://dlvr.it/LNXKDY 

‏@MiddleEastEye

There are more than 54,000 refugees & migrants now stranded in Greece http://ow.ly/8sxX300vbXB 

‏@TheEconomist

Migrants have stopped arriving in Greece, but they are not being sent back either http://econ.st/20qPwH7 

‏@BalkanNewsbeat

Plain clothes police eject journalists from #Idomeni before Tuesday's evacuation  of thousands of stranded #migrants

‏@ekathimerini

Call for Thessaloniki port bids in September http://dlvr.it/LNVHF1 

‏@GreekReporter

Piraeus Port Workers Prepare for Continuous Strike Over Privatization http://dlvr.it/LNMlC6  #Greece

‏@nstamouli

#Germany's #Merkel asks for a bilateral meeting with #Greece's @atsipras on the sidelines on the #WHF, it started a few minutes ago

‏@Schuldensuehner

#Greece's 2y yields drop more than 100bps after austerity vote.

‏@Schuldensuehner

#Greece to get €11bn loan tranche after review completion, €3.8bn for arrears clearance, €7.2b to cover debt service needs, BBG reports.

Brazil.....

‏@fredwalton216

Embattled Brazilian Planning Minister Juca , caught on tape having incriminating discussions , steps aside.

AFP news agency @AFP

#BREAKING Brazil's minister Romero Juca says will step aside

‏@FT

Brazil’s interim president Michel Temer is already facing his first political crisis http://on.ft.com/1TrQq7F 

‏@business

Brazil's new government faces its first political crisis with a corruption scandal http://bloom.bg/1sN6KUZ 

Germany / Austria.....

‏@fredwalton216

47 % in new poll say no 4th term for Sultan Enabler Merkel ( Handelsblatt/Forsa poll.)

Nina Schick @NinaDSchick

New @handelsblatt/Forsa poll of German voters: 47% say #Merkel should NOT run for a fourth term as Chancellor vs 44% who think she should.

‏@NinaDSchick

New @handelsblatt/ Forsa poll: 56% of Germans think gov't will not be able to integrate its 1.1m refugees into its labour market.

‏@fredwalton216

German sentiment against EU Turkey Deal at 59 %. Don't worry- recent polling in TUR shows 57% of Turks pan Deal too.

Nina Schick @NinaDSchick

As #Merkel travels to meet Erdogan - new @handelsblatt/forsa poll of German voters shows that 59% are against the EU-Turkey migrant deal.

‏@fredwalton216

Merkel expresses various  concerns & delivers redlines to Sultan Erdogan. And we shall see how he responds to this.

BBC News (World) @BBCWorld

Germany's Merkel expresses "deep concern" over lifting of immunity for MPs in Turkey
http://bbc.in/1NH7TGQ  

‏@fredwalton216

At the end of the day , result turned on the postal votes.

OriginalBADYOGAKITTY @minamaya13

#BREAKING: Independent Van der Bellen narrowly beats far-right candidate in election to become #Austria's president http://www.bbc.co.uk/news/world-europe-36362505?ns_mchannel=social&ns_campaign=bbc_breaking&ns_source=twitter&ns_linkname=news_central …

‏@EuropeElects

Austria: #vanderBellen new President of #Austria. Detailed Result on the Website of Ministry of Interior:

Turkey......

‏@GreekAnalyst

EU suspends plans to extend visa-free travel to Turkey (!) http://dw.com/p/1It6g?tw  via @dwnews #EUTurkey

‏@fredwalton216

This article with various polling data is from 5/20-but note 57 % of turkish respondents panned the EU Turkey Deal.

Dom @djdom1uk

Most Turks consider EU migrant deal negative - LOCAL http://www.hurriyetdailynews.com/Default.aspx?pageID=238&nID=99447&NewsCatID=341 … via @HDNER

‏@fredwalton216

Note , Erdogan response to Merkel re: need to change Turkey's Terror law - changing terror law not up for debate.

Angela Merkel News @AngelaMerkelNws

Turkey threatens to suspend agreements with EU http://gettopical.com/angela-merkel/ed8365e7a1ad96b310172cf39fdc6478?src=twitter … via @InquisitionNews 

‏@fredwalton216

Yigit Bulut warned if Europe failed to keep promises to Turkey, Ankara could review all of its relations with EU.

Kathimerini English @ekathimerini

Erdogan adviser warns Turkey could suspend EU agreements http://dlvr.it/LNLBXX  

‏@fredwalton216

Merkel is ready to swallow a lot to keep Turkey on board,” - Josef Janning

Holger Zschaepitz @Schuldensuehner

#Germany's Merkel on Mission to Rescue #Turkey Deal as Erdogan Tightens Grip. http://bloom.bg/1OS1Uzh  

Odds & Ends....

‏@Eljarh

#Libya UAE, KSA & Egypt still want to see a HoR vote on the GNA Gov & a constitutional amendment vote first. Egypt becoming more flexible?

‏@washingtonpost

Suicide bombers kill 45 men waiting to join army in Yemen
http://wapo.st/1WKiROk 

‏@fredwalton216

At least 101 people were killed &120 wounded in bombings in Syrian government strongholds Tartus & Jableh on Monday

Middle East Eye @MiddleEastEye

100 people killed in multiple ISIS attacks in Syria http://ow.ly/bcoT300tyua  

‏@GebeilyM

#SYRIA: April 16, 1986 (via NYT). Today, 7 coordinated blasts in north Syria, including at bus stations, killed 120

Catharsis Ours

Monday, May 23, 2016

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