AEP: Only the IMF can now save Brazil
Brazil's President Dilma Rousseff
"There is a loss of confidence in the ability of the government to manage its debts. We face the risk of default"
Ambrose Evans-Pritchard, international business editor, sao paulo
3 MARCH 2016 • 7:35AM
Brazil is heading straight into the arms of the International Monetary Fund. The sooner this grim reality is recognized by the country's leaders, the safer it will be for the world.
The interwoven political and economic crisis has gone beyond the point of no return. The government is frozen. The finance ministry has lost the trust of Brazilian investors and global markets in equal measure.
Almost nothing credible is being done to stop the debt trajectory spinning into orbit. Few believe that the ruling Workers Party is either or capable or willing to take the drastic austerity measures needed to break out of the policy trap, or that it would suffice at this late stage even if they tried.
"There is an enormous fiscal crisis and we're flirting with a return to hyperinflation. All the debt variables are going in the wrong direction," said Raul Velloso, the former state secretary of planning.
"There is a loss of confidence in the ability of the government to manage its debts. We face the risk of default," he said. Three quarters of the budget is effectively untouchable, locked in by a web of welfare payments and regional transfers.
ALIÁS O BRASIL AFUNDOU QUANDO O BOM DO GUTERRES "VENDEU" OU MELHOR "EXPORTOU" PARA LÁ O RSI...E JÁ AGORA "ABRIU AS PORTAS" DO AGORA SOBADO DE LISBOA AOS BRASILEIROS SEM DISCRIMINAÇÃO NENHUMA...
NEM COM O SUBSÍDIO DA OI SA QUE LIGA PELOS SERTÕES A COISA SE RESOLVE.PORRA ASSIM NÃO DÁ.
A UNIVERSIDADE DA BEIRA INTERIOR TEM QUE DAR À DILMA UM HONORIS CAUSA...
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