Epstein Secrets

te cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970

ebt restructuring appears difficult to avoid, with the government being harshly constrained politically by a protracted recession with inflation. Gustavo Canonero, (1) 212 250 7530 Figure 3: Public debt dynamics turning fragile for some countries Source: IMF, Deutsche Bank Research Figure 4: Deutsche Bank f

minic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin Ge

Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh B

e-taper tightrope (courtesy of DB credit guru Jim Reid). Overall demand for EM equities should be weake

l returns of Turkish equities versus oil price — YoY growth, both USD (%) Source: Deutsche Bank (Marc Balston, Robert Burgess, Drausio Giacomelli, Gustavo Canonero, Taimur Baig), Haver Analytics Source: Deutsche Bank, Bloomberg Finance LP Our long-standing overweight position on Turkish equities has been by f