‘Fear in the market’: Brazil’s fiscal shortfall sends currency plumbing new lows

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Financial Times 18h ago

‘Fear in the market’: Brazil’s fiscal shortfall sends currency plumbing new lows - Financial Times

Quick Summary:

Given more than 90 per cent of Brazil’s budget is allocated to legally mandated items, such as pensions and social benefits, finding major cost savings is very difficult for any government, Lisboa added.

With inflation above a targeted upper limit of 4.5 per cent, the central bank raised its Selic benchmark by 100 basis points this month.

Even so, Brazil’s nominal deficit — which includes interest payments — has more than doubled to 9.5 per cent since Lula took office, pushing up public borrowing.