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Weekly Report - 7 September 2004

BRAZIL: Lula labour ally floats 'national pact' proposal

Few believe that it was wholly the idea of the labour leader Luiz Marinho to propose a 'national pact' in which government, employers and unions would come together to hammer out proposals to ensure that Brazil enjoys sustained growth in the year to come. Marinho's core proposal is that businesses should help contain inflation so that the central bank does not return to high interest-rates, which might abort the recovery now under way. That sounds a lot like the kind of thing the government has been seeking.

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