December 1, 2022

Brazil markets hunch on incoming authorities funds

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SAO PAULO, Nov 17 (Reuters) –

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Brazilian markets slumped on Thursday after the incoming administration of President-elect Luiz Inacio Lula da Silva proposed exempting some 175 billion reais ($32 billion) from the spending cap on subsequent yr’s funds to pay for welfare packages.

The drop got here as Lula earlier within the day shrugged off market reactions to his proposals and once more criticized the spending ceiling, saying the federal government…

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