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Brazil & Southern Cone - June 2015 (ISSN 1741-4431)
ECONOMY: Finance Minister Joaquim Levy is under political pressure to deliver a recovery
When Finance Minister Levy stayed away from a press conference to announce BRL69.9bn (US$22.1bn) worth of government spending on Friday 22 May there were ripples of concern running throughout Brazilian and international financial markets. According to press reports Levy, who was said to be seeking deeper cuts of BRL80bn, had stayed away to signal his disagreement. Planning Minister Nelson Barbosa made the announcement on his own. This led to rumours of a split within the government and the possible resignation of the finance minister, regarded by financial markets and the business community as a key figure in the attempt to get Brazil back on track. Levy denied these rumours. “I didn’t think of quitting at all”, he said.
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