Epstein Secrets

301809, Faisaliah Tower United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Prin

ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa

lance of Payments (BoP) framework as they could lead to drains on SAMA reserves in the near term. Over time, Saudi Arabia could decide to emulate the Norway model, which would entail a more prudent use and conduct of fiscal policy, in our view. Chart 1: PIF budget contributions small versus GCC SWF contr

Menkul Degerler AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (

by UBS AG, authorized and regulated in the UK by the Financial Services Authority. A member of the London Stock Exchange. This publ

he euro crisis and reserve unwinding of the SNB at some point. Given this balance, we have decided to close the underweight in the CHF. ¢ Sweden and Norway stand out for their lower debt-to-GDP ratios and current account surpluses. Both the SEK and NOK have appreciated on diversification and safe-haven i

ce 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority. France, Finland, Greece, Luxembourg, Norway, Po

le, Panama and Peru. For the distribution of this document, Continental Europe is defined as Austria, Belgium, France, Finaland, Greece, Luxembourg, Norway, Portugal, Denmark, Germany, Italy, the Netherlands, Spain, Sweden and Switzerland. This document is for information purposes only and is not an off