CDS

The Daily Update - Venezuela’s calamity

According to the 2017 World Happiness Report released yesterday Norway raced ahead three places to be declared the world’s happiest nation, while the Central African Republic is apparently the most unhappy: in a measure of 155 countries. One country rapidly becoming increasingly unhappy is Venezuela, jumping from 44th to 82nd in one year, despite President Nicolás Maduro’s creation of the ‘Vice Ministry of Supreme Social Happiness’ back in 2013. In fact, Venezuela has held the top spot on Bloomberg’s world misery index for three years running, and the country has also caught up with North Korea on the 2017 Index of Economic Freedom, taking its place just ahead of the Democratic People's Republic at 179th place.

The Daily Update - Turkey forced behind the curve

Away from the hard/soft Brexit talks and Trump hiring his son-in-law as a top senior advisor, Turkey appears to have crept back into the headlines as political uncertainty mounts, social and security instability ensue, and the country’s economic outlook looks increasingly bleak.

Politically, the country’s parliament yesterday voted ~⅗ in favour of a constitutional amendment - and can thus hold a referendum in Q2’17 - which could see President Erdogan gain even more presidential power and potentially increase his term to as far out as 2029. 

Wealthy Nations Daily Update - CDS

In a Bloomberg story today questions are raised about the transparency of the Credit-Default Swap (CDS) market and indeed the structure, where the main players in the market are also the umpires.

The CDS market is valued around USD 14 trillion but the concern is that firms, such as JP Morgan and Goldman Sachs Group, who are some of the largest players helped write the rules for the market and are also on the committee who decide whether a default has been triggered and a pay-out is due.

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