Brazil's influential finance minister has convinced President Jair Bolsonar...
BRASILIA - Brazil’s influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras , but stiff political opposition could stifle any effort to sell the country’s corporate crown jewel.
Selling the company would cap off the drive by Economy Minister Paulo Guedes, a Chicago school-trained economist and disciple of Thatcherite economics, to maximize privatization, deregulation and free-market activity. It is hard to estimate how much a rival would pay for a controlling premium or how much the government could raise from outright privatization. Still, proceeds from a sale would go a long way toward reducing Brazil’s budget deficit.
“Petrobras is a successful example of a public company ... so I find it hard to make the case that privatizing it will be more profitable for Brazil,” said federal deputy Marcelo Ramos of the center-right Liberal Party. “Everything is studied, everything is raised, everything is discussed,” Bolsonaro told reporters on Thursday last week. “Whether you privatize or not, you have to look at the cost-benefit, what is good for Brazil and what is not,” he said.
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