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Latin American Economy & Business - October 2016 (ISSN 1741-7430)
Brazil: PEC 241: the marathon begins
For the last two years, Brazilian governments have been talking a lot about narrowing the fiscal deficit (currently somewhere above 10% of GDP), but not achieving very much by way of concrete measures. That, the current government hopes, changed on 10 October, when the lower house voted by 366 to 111 to support constitutional amendment proposal no. 241 (known as PEC 241). At the core of PEC 241 is a proposal to cap federal government spending for the next 20 years. Yet, as we explain here, it will remain something of a battle to get the amendment fully approved by December.
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