The Citizen (Gauteng)

Brazil’s money woes continue

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Rio de Janeiro – Brazil’s Congress is unlikely to pass pension reform legislatio­n this year, far-right president-elect Jair Bolsonaro said – a blow to investor hopes that caused the country’s currency to weaken in futures markets.

Investors snapped up Brazilian assets in the wake of Bolsonaro’s election victory. Many economists say cuts to Brazil’s social security system are essential to controllin­g a huge federal deficit. – Reuters

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