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Tenge Crashes As Low Oil Prices Take Dramatic Toll On Kazakh Economy

Tenge Crashes As Low Oil Prices Take Dramatic Toll On Kazakh Economy

With the lifting of Iran sanctions, the Tenge has crashed 5% to record lows at 377/USD (extending the currencies collapse since the USD-peg was scrapped in August).

 

Furthermore, as Eurasianet's Joanna Lillis reports oil production is entering a new year of decline this year in Kazakhstan - a dismal omen for a country so heavily reliant on energy exports.

The Fed Responds To Zero Hedge: Here Are Some Follow Up Questions

Over the weekend, we gave the Dallas Fed a chance to respond to a Zero Hedge story corroborated by at least two independent sources, in which we reported that Federal Reserve members had met with bank lenders with extensive exposure to the US oil and gas sector and, after parsing through the complete bank books, had advised banks to i) not urge creditor counterparties into default, ii) urge asset sales instead, and iii) ultimately suspend mark to market in distressed instances.

Francois Hollande Admits Socialist Policies Failed, Declares "Economic State Of Emergency"

Francois Hollande Admits Socialist Policies Failed, Declares "Economic State Of Emergency"

Remember when showing 'progress' in Europe was as simple as pointing to your high stock market or low bond yields to "prove" everything is awesome.

Since 2012, when Mr Hollande came to power, more than 600,000 people have joined the ranks of the unemployed at a time when joblessness has decreased in most of the other large European economies.

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