By Yigit Engin, Alvaro Ortiz, Tomasa Rodrigo
BBVA Research
December 2015 

The geopolitical hot spots continue on the fore in the second half of the year. The Syrian war remains complex with no transition plan. The Russian-Turkey tension escalates. Iraq is still in a fragile situation. ISIS tries to destabilize failed states in some regions. The proxy war continues in Yemen. The refugee crisis poses some risks for Europe.