Brazil’s economic difficulties are cyclical argues President Rousseff

Mercopress, 3/13/2015

“We’re going through a time of cyclical difficulties but we’re a country with a solid foundation,” the head of state said at the inauguration of a project to expand and modernize the Port of Rio de Janeiro.

Rousseff, who again refused to characterize Brazil’s current situation as a crisis, defended her austerity program in the face of criticism from the opposition and some government allies.

Brazil’s economy is stagnant and may contract 0.7% this year, according to the latest forecasts, while the country’s federal, state and local governments ended 2014 with a cumulative primary budget deficit (before interest payments) equivalent to 12.51 billion, putting public finances in the red for the first time since the current reporting methodology was adopted in 2001.

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