Brazilian President Jair Bolsonaro and his economy minister tried to rescue thei...
BRASILIA - Brazilian President Jair Bolsonaro and his economy minister tried to rescue their contentious pension reform bill on Wednesday, as deepening political chaos surrounding the government’s signature proposal slammed Brazilian markets.
Brazilian financial assets tumbled. The real fell to a nearly six-month low against the dollar, while the Bovespa stock market slumped 3.6 percent. Bond yields and market-based interest rates also climbed steeply. Guedes told a Senate committee that Bolsonaro’s government was failing to convince lawmakers of the merits of his plan to save over 1 trillion reais over the next decade, squandering the political capital won in the elections.
A measure on Tuesday by lawmakers to seize more control over the federal budget in coming years also received near-unanimous approval by the lower house of Congress. “Let’s stop kidding around and let’s work seriously,” Maia said late Wednesday. “Brazil needs a functioning government ... and the president is playing around with the presidency of Brazil.”
The Brazilian real on Wednesday plunged 2.3 percent to close at 3.9531 per dollar. After spot trading but while Guedes continued his contentious Senate hearing, the currency slipped in the futures market past 4.00 per dollar.
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