Epstein Secrets

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quire fiscal adjustments of a magnitude that, in some cases, will test social cohesion. ' - Pierre Cailleteau Managing Director of Sovereign Risk at Moody’s, 3/16/2010 .../f there are not offsetting measures to reverse the deterioration in negative fundamentals in the U.S., the likelihood of a negative o

but has also helped municipal finances. Ratings trends have improved as a result of both stable revenue and spending discipline, with upgrades in the Moody’s universe seeing a notable uptick in last year’s third quarter (see Exhibit 84). Of course, underfunded long-term pension liabilities remain a source

hina, South Africa and Brazil—have negative outlooks from at least two rating agencies, raising the potential for downgrades.! A potential default by Venezuela and its national oil company could also sour sentiment, as could unfavorable tariffs or trade restrictions from the new US administration. Finally, t

Meeting 12 m November 2016 Agreed Cut 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 ran raq Libya UAE Total Algeria Angola Ecuador Kuwait Nigeria Qatar Saudi Venezuela Data as of November 30, 2016. Source: Investment Strategy Group, Bloomberg, OPEC. Exhibit 97: US Energy Sector Ratio of Capital Spending (Capex) to

the period starting from 2003/2004 respectively. Moody’s has thus in the past preserved Saudi Arabia’s inv

ive years, namely Iran the UAE Global oil consumption BofAML OPEC capacjty growth, 2015-2020F 105 Kuwait mn bpd fcast uwail 100 , Algeria 95 Qatar 90 Venezuela Angola 85 3 Ecuador 80 Nigeria 15 UAE 70 Libya 65 Iran Saudi Arabia 60 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 -0.3 -0.1 0.1 0.3 05 Source

rson or group whatsoever that visibly challenges its authority with any possibility of success. 5. After Hugo Chavez’s election to the presidency of Venezuela at the end of 1998, that oil- producing country transferred to Cuba enormous amounts of resources. The economist Carmelo Mesa-Lago calculates the ann

, and the virtues of frugality and non-consumption. If an entrepreneur wants to evaluate the country risk before investing anywhere, he looks at the Moody’s or Standard & Poor’s ratings. According to these risk rating companies, Cuba appears on the most dangerous fringe. There is a very long history of ar