Brazilian markets experienced a significant downturn following comments from President Luiz Inacio Lula da Silva that added to growing fiscal jitters. The Senate recently shot down his administration's proposal to increase public revenue, exacerbating the situation. Brazil’s Finance Minister, after 18 months of balancing between the president’s spending ambitions and investors' calls for fiscal discipline, is reportedly struggling to maintain equilibrium. Additionally, Brazil's Tebet highlighted issues with budget-linked expenses, particularly social security and fiscal exemptions, and mentioned potential modernization of revenue earmarking pending Lula's approval.
After 18 months walking a delicate tightrope between a president who wants to spend and investors demanding fiscal discipline, Brazil’s finance minister is starting to lose his balance, @beckmartha reports https://t.co/ny6YnDYbIm
After 18 months walking a delicate tightrope between a president who wants to spend and investors demanding fiscal discipline, Brazil’s finance minister is starting to lose his balance https://t.co/gj3KPiwMCg
After 18 months walking a delicate tightrope between a president who wants to spend and investors demanding fiscal discipline, Brazil’s finance minister is starting to lose his balance https://t.co/zWfjn3mM9n
⚠️ BRAZIL'S TEBET SAYS MAJOR ISSUE WITH EXPENSES IN BRAZIL IS THE LINKAGE THEY HAVE TO THE BUDGET, ESPECIALLY REGARDING SOCIAL SECURITY, AND FISCAL EXEMPTIONS **BRAZIL'S TEBET SAYS WE ARE CONSIDERING MODERNIZING REVENUE EARMARKING, BUT THAT DECISION MUST PASS THROUGH LULA…
Brazilian Markets Sink After Lula’s Comments on Fiscal Balance https://t.co/riFMotKdiQ
Brazilian markets sank after President Luiz Inacio Lula da Silva added to growing fiscal jitters just after the Senate shot down his government’s latest proposal to boost public revenue. https://t.co/J3BSsD0f4d