Brazil struggles to fix fiscal crisis


During a previous stint in government, Brazilian finance minister Joaquim Levy won the nickname “Edward Scissorhands” after the 1990s film because of his ability to cut public spending.

Ever since President Dilma Rousseff brought him back to Brasília in January to play the role of the government’s economic bad cop, Mr Levy has delivered a blunt warning: either Brazil gets its fiscal house in order or it will see its debt relegated to junk status. “The money is gone,” the former banker said in May, referring to recent years of free-spending.

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