Monday, May 23, 2016

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 - MENA Top Items. )

Markets & Market Moving News....


Bernie Sanders rejects House deal on Puerto Rico, calling it a concession to Wall Street.

The full horror is here. IMF DSA on Greece, just released.

IMF proposes measures to reduce debt

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

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

Saudi financial crisis 'could leave oil at $25' as contractors face being paid in IOUs.

Sugar so scarce in that Coca-Cola will stop production. State on verge of default

, preferring stability to free markets, loses resolve to revamp currency


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

Gov't looks to loan funding, debt relief after approving measures

Fraport welcomes approval of airports concession contract

There are more than 54,000 refugees & migrants now stranded in Greece

Migrants have stopped arriving in Greece, but they are not being sent back either

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

Call for Thessaloniki port bids in September

Piraeus Port Workers Prepare for Continuous Strike Over Privatization

's asks for a bilateral meeting with 's on the sidelines on the , it started a few minutes ago

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

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


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

Brazil’s interim president Michel Temer is already facing his first political crisis

Brazil's new government faces its first political crisis with a corruption scandal

Germany / Austria.....

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

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

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

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

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

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


EU suspends plans to extend visa-free travel to Turkey (!) via

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


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

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

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

Odds & Ends....

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

Suicide bombers kill 45 men waiting to join army in Yemen

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

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