Ukraine – Risk of Broader Default

Ukraine’s access to international financing, including regular disbursements of the $17.5 billion EFF arrangement with the IMF, in in jeopardy following the government’s failure to repay $3 billion in emergency loans that former President Viktor Yanukovych obtained from Russia shortly before Read Entire Entry

Greece – Pressures Building

Even as European leaders grapple with a refugee problem and the possibility that the UK will vote to leave the EU this summer, they are bracing for a renewed crisis over Greece’s unsustainable debt burden. The governing alliance of the leftist SYRIZA and the conservative Independent Greeks claims Read Entire Entry

Cuba – Chipping away at Restrictions

President Raúl Castro became the first Cuban leader to receive an official state visit from his US counterpart in 88 years when Barack Obama arrived in Havana on March 20. The meeting affirmed Obama’s commitment to the diplomatic opening initiated by the two leaders in late 2014, which thus far Read Entire Entry

Brazil–Political Uncertainty Will Persist

A convergence of political and economic crises has left President Dilma Rousseff fighting for her political life barely a year after she was sworn in for a second four-year term in early 2015.  With her approval rating near single digits, Rousseff lacks the political authority to pressure Read Entire Entry