Europe Key Analysis

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IMF Loan No Guarantee Of Stability

While the approval of a USD17.0bn Stand-By Arrangement from the IMF (including USD3.2bn for immediate disbursal) is positive for Ukraine's near-term debt servicing prospects, we remain sceptical that...

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Limited Macro Impact From New Sanctions

The latest wave of sanctions by the US against Russia has confirmed our view that the West's response to Russia's alleged actions to destabilise Eastern Ukraine will remain of limited/symbolic nature...

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