Epstein Secrets

ed settlements with authorities to date. Most recently, Royal Bank of Scotland Group PLC agreed to pay $612 million to U.S. and British authorities. UBS AG agreed in December to pay $1.5 billion. Barclays agreed to pay $453 million in June. Other defendants facing private lawsuits included Citigroup In

he Cyprus deal fatally undermined depositor confidence, thus making bank runs in other countries more likely. Certainly Cyprus and its paymasters in the European Central Bank have broken a taboo of the common European currency by imposing controls on the flow of capital into and out of the country, albeit "temporarily."

quality. ¢ The economic recovery fails to gain momentum in the second half of the year. Credit demand fails to improve further as some of the recent European Central Bank (ECB) data indicates. The ECB cuts rates. ¢ Further quantitative easing by the Fed would be supportive for Bunds and speaks for lower yields. & Negat

ional ClO Switzerland Daniel Kalt [email protected] HOUSE_OVERSIGHT_024177 42 --- PAGE BREAK --- Disclaimer This document has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). The information is intended as a general market commentary and provided solely for marketing and information pu

tion of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Bank meeting Capital flows The European debt crisis may lead to further periods of outflows and weaker prices, which could offer attractive entry levels

ions Act”). In no circumstances may the Document be made available by UBS AG to a “Retail Client” as defined in section 761G of the Corporations Act. UBS AG's research services are only available to Wholesale Clients. The Document is general information only and does not take into account any person’s inves