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Syriza Wins: Will There be a Grexit?

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The Coalition of the Radical Left, also known as Syriza, has won power in Greek national elections, projecting to capture 149 seats of the 300 in parliament. This win gives the far left party a major anti-austerity mandate which will put Greece at odds with the eurozone and creditors. The landslide victory punished the current party and its policies, outgoing Greece Prime Minister Antonis Samaras graciously conceded defeat. Taking control will be Alexis Tsipras, Greece’s next prime minister, who promised voters boosting social spending and rolling back spending cuts. Tsipras’ proposed social spending program of €11.5 billion (US$ 12.8 billion), would account for nearly 6% of the country’s gross domestic product.

A galvanized Greece is surely to request debt relief from international creditors. A question looms, will the parliamentary election reignite the “Grexit” debate?

Creditors

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Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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