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LatinNews Regional Monitor: Brazil & Southern Cone - 13 April 2017
BRAZIL: Alienating congress could be costly
President Michel Temer is losing sway in the federal congress, which could set back his economic revival plan. His latest defeat was bowing to pressure from legislators to water down a reform to cap pensions, currently pending in the lower chamber of deputies. This will knock an estimated 15%-20% off Brazil’s projected annual savings for the next 10 years, between R$750bn (US$239bn) and R$800bn, according to the finance minister, Henrique Meirelles, who designed the bill.
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