Brazil's budget targets ignored by Congress, Levy not happyStaff writer ▼ | December 21, 2015
Brazil’s Congress approved a 2016 budget with surplus targets lower than what Finance Minister, now ex, Joaquim Levy wanted.
Brazil Finance minister replaced
Stimulus policies and a sharp economic downturn that has diminished tax revenue have caused Brazil’s debt load to balloon to worrisome levels. Economists who agree with Levy’s austerity push have said that Brazil needs to dramatically cut public spending and raise taxes to keep debt from spinning out of control. ■