Saturday, May 7, 2016

Economic News & Views ( May 7 , 2016 ) Overview For Saturday ( 1. Greece - Ahead Of The May 9th Meeting With Its Creditors , Greece Gov't Pension Reform Measures & Tax Hikes Set For Critical Parliamentary Votes , General Strikes Paralyze Greece , IMF threatens To Pull Out Of Greece Rescue Plan . 2. Turkey In Focus - After Forcing Out Prime Minister Davutoglu , President Gets Back To Tasks Of Securing His Reign Over Turkey , Jailing Journalists , Threatening The Spineless EU & Ignoring The US Bleating . 3. Libya In Focus - Refugee Focus Has shifted To Libya , ISIS Raises Hell Once Again , Disturbing Trend Of Police / Army Officers In Tripoli With Nary A Peep From Internationally Recognized GNA. 4. US Politics Watch - GOP Civil War Between Trump and GOP Elites Continues , FBI Continues Work On "Email-Gate ". 5. Odds & Ends. )


(1) MoF tabled two key amendments in draft bill on income tax reform: 1) Lower tax-free threshold for taxpayers w <=1 child

(2) change in the tax rate for small businesses to 29% (from 26% for annual income < €50,000 and 33% for higher income).

(1/2) FinM : Fiscal brake constit. impossible...

(2/2) FinM : Only way would be for measures approved ahead & dismissed if not needed

Greece paralysed by general strike ahead of pension vote

Your Saturday dose of Greek doom: Greece on the verge of bankruptcy, says via

As with kids: noise not proportional to size. holds 4.6% debt vs EUgvt/EFSF/ESM = 64%. (Data )

IMF could pull out of Greece rescue plan: report

From the change in the tax-free threshold and tax rate for personal companies, MoF aims to raise €200 mln.

MoF submitted an amendment lowering the tax-free threshold to €8,636 for unmarried & to €8,863 for family w 1 child.

For family w 2 children the tax-free threshold is set at €9,090, for >3 children it 'll remain at curr level

This means tax credit of €1,900 for single, €1,950 for family w 1 child, €2,000 (w 2) & €2,100 (w 3)

Greece paralysed by strike over pension reforms and tax hikes

ATHEX: Growth continues as deal with creditors edges nearer

Opposition parties slam PM ahead of vote on social security, tax reform

IMF calls on eurozone to grant Greece debt relief

could be facing a new crisis - but for a reason you might not expect

Tell Bundestag then that the Greek programme will go on without the . Can't have both, mein Freund.


EU sidelining democracy in its own fight against terrorism, President Erdoğan says

Dundar and Gul plan to appeal sentences in Turkey

What's next? Sacrificing the requirements on anti-terror legislation on the visa deal?

(The Seattle Times) : 2 more detained over attack on opposition editor : ANKARA,..

Erdoğan launches bid for presidential system: Early polls can't be ruled out - by Serkan Demirtaş for

Key as to why Turkey's downward spiral continued unabated: "Absent any criticism from the West, Erdoğan kept going."

In standoff with Turkey, will Europe blink to save deal easing migrant crisis?

Erdoğan tells the world who’s the boss in Turkey - by for

US 'concerned' over Can Dündar, Erdem Gül convictions

Journalists Can Dündar and Erdem Gül sentenced to 5 years for leaking state secrets

- Media freedom and rule of law are not only relevant to the EU, but first and foremost to every country's own citizens

Sultan moving full speed ahead. Opposition and EU can be mad or glad , it really doesn't matter to him.

A fair reading of article & links-1 wonders if Erdogan ever agreed to EU Deal & is just looking for excuse to bolt.

Erdogan just humiliated Juncker ,Tusk & and entire EUC , as well as Merkel and EU Leaders-with today's declaration.

20 confrontations between Davutoğlu and Erdoğan during 20 months of prime ministry

Germany says expects Turkey to respect EU migrants pact after PM exit

official, to the question of whether 's son-in-law would be right choice as new PM, says:"You British have the Royal Family"

The Pelican Brief - the pro-Erdoğan blog that shook Turkey, in English. Davotuğlu out soon?


LNA General command rejects a meeting request by

Italian navy rescues 1800 migrants in 24 hours (Reuters)

ISIS territory Libya

Misrata launches counter attack against ISIS

Sources say assassinations total 6 incl a female police officer.Those with links to former regime&security targeted.

- at least 4 assassinations of police/army officers in the capital. GNA in and no reaction to dangerous trend.

suicide bomber destroys Waddan checkpoint on the road to Abugrien, wounding 3.

Two assassinations targeted security officials in today: Army Col.Ahmad Ragae, &police officer, Abdul Raziq Fleet.

disturbing trend of assassinations of army and police officers. An Army Col. and a Police Col. Assassinated in today. GNA?

Banks in , permit withdrawals up to 500 LD - big queues yesterday.

: Despite much talk of going to Sirte for revenge to attack /Daesh after yesterday's attacks/casualties, no Misrata katibas went.

US Politics......

Very interesting phenomenon !! Reason vote for Trump...


Romney: I won’t vote for either Trump or Clinton

Odds & Ends ......

Infographic: Al-Qaeda affiliates

‘Destroy barriers’: Pro-refugee activists clash with police at Austrian-Italian border

Ali al-Naimi fired ! This comes a bit out of the blue. Does this suggest a change in Saudi oil policy ?

Police believe rival 'Hells Angels' biker gangs behind shooting

Spain's Rajoy asks Brussels to forgo deficit fine: El Pais

While away from my desk, Deutsche Bank shares slide and 5y default probability jumps to almost 15%.

Foreign-Exchange Reserves Rise for a Second Straight Month on Yuan Sentiment.

Pentagon admits to troops in

: wildfire continues to spread

forces shut down Baghdad to prevent protests

Kenya says it will close all refugee camps, displacing more than 600,000 people.