Epstein Secrets

pportunities in Latin America: Electron’s structural changes: Latin America e ~—_ Brazil’s tariff intervention and consequent derating of sector e §6Argentina’s increasingly urgent need for system investment and tariff increases e Shale gas development in Argentina and its impact on power prices and regiona

White Paper CONFIDENTIAL e §=Latam Utilities Latin America will be a trading market for the next year or two. These markets, with the exception of Chile, are subject to significant government intervention, which follows long cycles; Brazil is early in the interventionist cycle (e.g., Brazilian Preside

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d since its strategy to gradually reduce budget deficits is based on low global rates, capital inflows and higher domestic growth. In the case of the Argentine peso, despite showing some detachment from global factors and some positive inflows due to the tax amnesty, we think the currency needs to weaken giv

f a disorderly depreciation, as it has been already the case in the last few days with small interventions in the forward market. On the other hand, Chile’s growth remains anemic and the economy is expected to continue growing sub 2% in 2017 (Chart 71). The CLP is overvalued but recent flows Chart 70: