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Brazil promises huge budget cuts

11-25-2010 13:36 BJT

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Brazil has surprised financial markets by promising deep cuts to budget spending. It's a move to shore up the main weakness in the country's booming economy.

Brazilian Finance Minister, Guido Mantega, says a recent burst in spending is no longer necessary, since the global financial crisis has eased. He maintains budget cuts could surpass 20 billion reais in 2011, and the fiscal agenda is a long-term one.

 

Brazil's Finance Minister Guido Mantega attends a news
conference in Brasilia November 24, 2010. 
REUTERS/Ricardo Moraes

The explicit recognition of Brazil's recent fiscal slippage has placed upward pressure on interest rates and, by extension, the Brazilian currency.

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Editor:Xiong Qu |Source: CNTV.CN

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