The Presidential Daily Brief

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    Saudi Arabia Pulls $70 Billion From Markets

    Its crude lifeboat sprung a leak that Riyadh’s looking to patch. The kingdom has pulled nearly $73 billion from global asset managers in a bid to cut its growing deficit and reduce its vulnerability to equities markets while sustaining its economy and paying for a war in Yemen. With a budget deficit possibly worsening to 20 percent of GDP this year, the Saudi Arabian Monetary Agency is scrambling to raise billions in bonds to diversify its oil-reliant economy … which has fund managers reaching for their life vests.

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