Epstein Secrets

so as to ensure a degree of deniability, but the disguise is sometimes rather thin. In late 2014, France's far-right National Front party, led by Marine Le Pen, secured a q million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of Fre

million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of French politics. Le Pen has subsequently spoken favorably of Putin and criticized the sanctions imposed on Russia by the EU.' She has even called for a strategic alliance

rime minister Viktor Orban gave what has come to be known as his "illiberal democracy' speech before an ethnic Hungarian audi- ence in Bane Tu§nad, Romania.' Several points in his remarks are worth noting: Orban urged his listeners to no longer regard the 1989 triumph over communism as the reference

rate cut. The risk to this view is if tail risk scenarios unfold in European politics, such as an early election in Italy with Five Star winning, or Le Pen wining the second round in the French elections. Although we expect markets to be more concerned about European politics following the US elections,

ut it earlier if Renzi loses the referendum. The 2017 French election is another concern. President of the far-right party and presidential candidate Marine Le Pen is ahead in the polls to win the first round. Winning the second round is much more difficult, as she will need more than 50% of the votes, but inves

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prime minister Viktor Orban gave what has come to be known as his “illiberal democracy" speech before an ethnic Hungarian audi- ence in Baile Tusnad, Romania.! Several points in his remarks are worth noting: ¢ Orban urged his listeners to no longer regard the 1989 triumph over communism as the reference p

ed so as to ensure a degree of deniability, but the disguise is sometimes rather thin. In late 2014, France's far-right National Front party, led by Marine Le Pen, secured a €9 million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of Frenc

€9 million loan from a Russian bank with indirect ties to the government in what many interpreted as a bet by Putin on the future of French politics. Le Pen has subsequently spoken favorably of Putin and criticized the sanctions imposed on Russia by the EU.' She has even called for a strategic alliance wi