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Economy / Brazil


September 2011 | Data Release

We are not convinced that the recent upward revision to the 2011 fiscal surplus target by Brazil's finance ministry reflects a commitment to fiscal consolidation, as the motivation to continue spending remains strong. On August 19 President Dilma Rousseff stated her government would do 'everything in its power' to prevent the economy from slipping into recession, and with monetary stimulus constrained by high inflation (despite the 50 basis point cut in the Selic rate on August 31), fiscal expenditure remains the only real alternative.

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