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Weekly Report - 31 March 2011 (WR-11-13)

BRAZIL: To the ECB or the BCB?

President Dilma Rousseff's visit to Portugal this week was spectacularly ill-timed. Through no fault of her own, Rousseff arrived just as Portugal became the latest of the troubled peripheral European Union (EU) states (after Greece and Ireland) to reach financial tipping point, prompting the resignation of the left-wing Portuguese prime minister, José Socrates, and a double sovereign debt downgrade in the space of five days. On top of that, Rousseff had barely landed before she had to head back home after the recent former vice-president José Alencar (2002-2010) passed away.

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