Reports that the Saudi government is considering hiking taxes on banks supports our view that low oil prices will eventually prompt a return to fiscal austerity. Meanwhile, Moody’s decision to strip Oman of its last investment-grade rating was hardly a surprise, but the widening of dollar bond spreads this week may have further to run in the coming months. Finally, ongoing protests, growing cracks in the ruling regime and the worsening health of President Bouteflika suggest that Algeria’s political situation will get worse before it gets better.
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