EFTA02507076

From: Daniel Sabba Sent: Wednesday, April 1, 2015 11A0 PM To: Jeffrey Epstein Cc: Vahe Stepanian; Ariane Dwyer Subject: FW: Faria: Brazil: Latest on Levy, fiscal, Petro From: 'sin Sumengen-Ziel (DEUTSCHE BANK AG, LO) Sent: Wednesday, April 01, 2015 7:50 AM To: Daniel Sabba Subject: Faria: Brazil: Latest on Levy, fiscal, Petro - Finance Minister Joaquim Levy spoke for more than 7 hours at the Senate E=onomic Committee yesterday, explaining the importance and urgency of his f=scal adjustment plan. In the end, he obtained a small victory, as the Sena=e postponed the vote on the bill that gives the federal government 30 days=to execute another measure restructuring the debts of states and municipal=ties. Levy has proposed to delay the debt restructuring until 2016 and the= compensate the local government for what they will pay in excess in 2015.=This is basically kicking the can down the road, but, as we commented yest=rday, given the hostile political environment, this is probably the best d=al that Levy can get at this moment. - Newspaper Folha de S.Paulo today claims that the federal government's "=ontingenciamento" (budget cuts) could total as much as BRL80bn. It makes s=nse: given the poor fiscal results obtained so far this year and the diffi=ulty in passing some of the measures in Congress, the government will inev=tably have to cut a lot, and the cuts will be heavily concentrated in publ=c investments. In an interview to Bloomberg News, President Dilma Rousseff=said that she will do everything she can to meet the primary surplus Large= of 1.2% of GDP. - There has been a lot of talk in the local press lately claiming that Petr=bras will definitely manage to publish its audited results by the end of A=ril. Nevertheless, Agencia Estado today reports again that, because ther= remains a risk that the company may fail to publish its results by the en= of the month (they mention uncertainty related to the auditing process), =t is negotiating a waiver with its largest creditors in order to avoid a t=chnical default. Sent From Bloomberg Mobile MSG This has been prepared solely for informational purposes. It is not an offe=, recommendation or solicitation to buy or sell, nor is it an official con=irmation of terms. It is based on information generally available to the p=blic from sources believed to be reliable. No representation is made that =t is accurate or complete or that any returns indicated will be achieved. =hanges to assumptions may have a material impact on any returns detailed. =ast performance is not indicative of future returns. Price and availabilit= are subject to change without notice. Additional information is available=upon request. EFTA_R1_01637559 EFTA02507076 This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati=n. Any unauthorized copying, disclosure or distribution of the material in=this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0"> <dict> <key>conversation-id</key> <integer>120664</integer> <key>date-last-viewed</key> <integer>0</integer> <key>date-received</key> <integer>1427931590</integer> <key>flags</key> <integer>8590195713</integer> <key>gmail-label-ids</key> <array> <integer>6</integer> <integer>2</integer> </array> <key>remote-id</key> <string>493829</string> </dict> </plist> 2 EFTA_R1_01637560 EFTA02507077