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Eastern Europeans face difficult fiscal choices

Location:

EASTERN EUROPE

The other Visegrad Four (V4) countries appear more reluctant to cut their budget deficits, despite increased scrutiny from the European Commission.

Pakistan will be optimistic about its IMF talks

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PAKISTAN

Islamabad now seeks a larger, longer-term bailout programme with the Fund. Finance Minister Muhammad Aurangzeb has suggested that a staff-level agreement on such a package could…

Sweeping Argentina reforms will risk more instability

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ARGENTINA

The move followed a sweeping decree issued on December 20 to reform or eliminate some 300 laws governing economic, labour and social issues, and which has already prompted…

IMF deal will bring little relief in Argentina

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ARGENTINA

The new agreement envisages a primary surplus of 2% of GDP, a zero general deficit and reserves accumulation of USD10bn; it includes no new funding. However, the widening gap…

Inflation 'solution' should help avoid Brazil default

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BRAZIL

Days before this announcement, the government asked Congress to approve a primary deficit of up to 96.65 billion reais (some 1.5% of GDP) for this year. The sharp deterioration in…

Hryvnia collapse will put Ukraine's stability at risk

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UKRAINE

In order to receive new IMF lending, the budget also introduces big gas price rises, and increases defence spending. Meanwhile, the hryvnia's disastrous February weakening…

Poland's pension reform may undermine public finances

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POLAND

The zloty resumed a depreciating trend on July 4, following the announcement of radical pension reform by Development Minister Mateusz Morawiecki. A combination of investor…

Policy tweaks will have modest impact in Brazil

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BRAZIL

The decision was taken despite inflation that reached 10.67% last year. It came days after President Dilma Rousseff signed into law the 2016 federal budget, which foresees a GDP…

Ciolos will aim to tackle Romania's developmental lag

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ROMANIA

The non-party government of former EU Commissioner Dacian Ciolos took office on November 17 after the Ponta government stood down. Much of the previous administration's budget…

Time is running out for amending Greek bailout

Location:

GREECE

The left-right Greek coalition of Syriza and Independent Greeks took office late in January committed to ending the rigours of the country's bailout programme. However, euro-area…