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Weekly Report - 13 November 2014 (WR-14-45)

BRAZIL: Breaking the rules

One of the cornerstones of Brazil’s economic policies since the mid-1990s has been the law of fiscal responsibility. This determines that the government posts an annual primary fiscal surplus of 1.9% of GDP in order to pay off its public debt. For the first time since the law came into effect, Brazil looks like posting a primary fiscal deficit for 2014. On 11 November, the planning minister, Miriam Belchior, headed to federal congress to ask for some flexibility in the law’s implementation.

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