Brazil cuts spending and raises taxes

BBC NEWS, 9/15/2015 

The Brazilian government has announced a $7bn (£4.5bn) package of spending cuts aimed at plugging a huge black hole in the country’s 2016 budget.
At the same time, it unveiled plans to raise another $8bn by bringing back an unpopular financial transactions tax that was abolished eight years ago.


The government is struggling to pull the country’s economy out of recession.
It has also been hurt by the slump in President Dilma Rousseff’s public approval rating, which is now just 8%.
The measures were announced at a news conference by Finance Minister Joaquim Levy and Planning Minister Nelson Barbosa.

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