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Emerging Markets Special Focus Reports

30 April 2012
• The Romanian government was toppled unexpectedly earlier today by a 4 votes margin, two months after it took office, following a no confidence in Parliament
• Political volatility had a negative impact on the domestic financial markets: EUR/RON pair tradrf in a volatile session at levels around 4.39 at the time of writing vs. 4.37 in late hours on April 26 • The opposition leader, Mr. Victor Ponta (PSD), is expected to take office as Prime Minister
• The risk of fiscal slippage in lieu of the heavy election calendar in 2012 (local elections in June-parliamentary elections in December) is material
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