Brazilian President Jair Bolsonaro said on Tuesday that his country was “broke” and that he couldn’t “do anything” about it, laying the blame on what he called the “press-fueled” coronavirus pandemic. State subsidies that had sustained the poorest third of Brazil’s population for nine months stopped this week, on concerns about the country’s rising deficit and public debt load. According to the latest International Monetary Fund report, the Brazilian economy shrank by nearly 6% in 2020 and was expected to grow by 2.8% this year. Public debt stands at about 100% of gross domestic product, Market Watch reports. Argentina’s country risk rises to 1,417 points; investors fear economic measures Argentina’s country risk reached a maximum of 1,417 basis points on Tuesday, reflecting investors’ […]
Brazilian president says his country is ‘broke’
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