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What We Learned 2015 Economic and Market Outlook Speaker: David Beker, Bank of America Merrill Lynch’s chief Brazil economist and fixed income strategist. Key Points: Downgrade of Brazilian debt is a wakeup call for Congress that considerably watered down the fiscal adjustment measures. It is going take Government some time before the primary fiscal surplus reaches the required level to stabilize debt. There is a need to change the social pact, which would include “breaking some social rights”, such as pensions. The scenario for investment does not look supportive. There should be a further 8% decline this year, after a […]
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