Epstein Secrets

is the most urgent part of this crisis. Between the fury on the streets of Athens and the continued disunity of decision-makers in Brussels, Berlin, Frankfurt and Luxembourg, the crunch could come any day. But it's not just Greece. In Ireland, Portugal and Spain too, the anger is boiling over, as people fee

ions of the indignados, as they are called in Spain, and the aganaktismenoi (the outraged), as they say in Greece, are growing. And it's not just the Eurozone. Every single major project of the European Union is faltering. France and Italy are suggesting that the achievement of the Schengen area, in which 2

r more than a year now, Merkel has attempted to find the narrow — perhaps nonexistent — line where the minimum that can be done to save the embattled Eurozone periphery meets the maximum she thinks German public opinion will bear. She has then tried to win her Eurozone partners to that course. So far, it ha

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ral rise in saving preferences post-crisis, we argue that Europeans now have to become net creditors to the rest of the world. • We find that the Eurozone's NIIP needs to rise from -10% of GDP to at least 30% for Europe's current account surplus to become sustainable. We estimate that this adjustment

is generally located in the larger tourist cities of a country but not the capital. In Germany for instance, the U.S. consulates are in cities like Frankfurt, Hamburg, and Munich, but not in the capital city of Berlin (because the embassy is located in Berlin). I say all of this because.... why would a P

consumed with Presidential Politics or who was eliminated on the latest episode of X FACTOR, few Americans noticed that somehow it appears that the Eurozone will avoid coming apart and the Euro collapsing German Chancellor Angela Merkel said on Saturday that Greece (the most serious basket case in Europ

rance' and the 'Autorite des Marches Financiers". Germany: The issuer under German Law is LIDS Deutschland AG, Bockenheirrier Landstrasse 2-4, 60306 Frankfurt am Main. U8S Deutschland AG is authorized and regulated by the "Bundesanstalt fur Elnan, zdienstleistungsaufsichr. Hong Kong: This publication is di

terity has been more contractionary than many had expected. A huge gap in competitiveness between the core and the periphery is at the root of the Eurozone's problems. Ger- man labor costs rose by +18% in 2000-2009, significantly less than Italy's +35% and Spain's +50%. Our estimates suggest that Italy

ropean Commission's proposal would apply to the euro currency and eurodenominated products. The ECB, which issues euro currency, is established in Frankfurt, one of the participating member states. If it were, the FTT would have far reaching effects across global financial markets given the euro's statu

ies from the IMF we calculate that German exports could be reduced by as much as EUR 3.3bn per year. In recent years, German exports to outside the Eurozone have grown as the economy has responded to weak demand in the single currency area. Germany's relatively strong growth compared the rest of the Eur

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an

, PMI’s and consumer confidence pointing to a solid Q4 to follow. That quarter is currently tracking at 3.6% according to the Atlanta Fed. Chart 13: Eurozone PMI’s have picked up of late... Chart 14: US Consumer Confidence now at post-GFC highs 60.0 120 100 59.0 80 50.0 60 40 45.0 ———US Consumer Confidence

n for investors as we enter a busy year for European politics (see table opposite} is whether the populism train will gather pace or terminate at the Eurozone. Italy risks elevated, but risks two way and banks the bigger issue Although Italy goes to the polls this year, it is worthwhile starting with this

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an

k 26 Pace of Federal Reserve Tightening 27 Low Expectations of a US Recession 28 29 30 30 31 33 Rising Influence of Populist Parties in the Eurozone Geopolitical Hot Spots Get Hotter Terrorism Escalates Cyberattacks Continue China Submerges Under Its Debt Burden and Capital Outflows US-China Re

wth of 4.6%, aided by healthy domestic growth, and a particularly well-capitalized® banking sector that has a lower nonperforming loan ratio than the Eurozone bank average. Furthermore, Spain is unlikely to face the same political uncertainty as Germany, France and Italy in 2017. We expect high single-digit

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ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

which are authorized nal Bank Limited, London Branch, which is authorized by the Central rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S a