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Brazil's fiscal accounts “worse than ever imagined” confesses Temer

Monday, June 13th 2016 - 07:44 UTC
Full article 4 comments
“The fiscal accounts were worse than we imagined, Petrobras was broken, Postal Office broken, Eletrobras broken, and I still have faced an aggressive campaign” “The fiscal accounts were worse than we imagined, Petrobras was broken, Postal Office broken, Eletrobras broken, and I still have faced an aggressive campaign”
Forecast for this year's budget gap, revised by Meirelles to a record 170 billion Reais (US$49.7bn), forced Temer's team to propose a cap on the spending increase Forecast for this year's budget gap, revised by Meirelles to a record 170 billion Reais (US$49.7bn), forced Temer's team to propose a cap on the spending increase

Brazil's fiscal accounts were in worse shape than initially thought after the suspension of Dilma Rousseff, underscoring the challenge facing the country's new economic team, acting President Michel Temer said.

 “It was surprising, in a negative way, what we encountered,” Temer told the Folha de S. Paulo newspaper in an interview published on Saturday on its website, in coincidence with the month he has been in office as interim president.

“The fiscal accounts were worse than we imagined, Petrobras was broken, the Postal Office broken, Eletrobras broken, and I still have faced an aggressive campaign against me.”

The forecast for this year's budget gap, revised by Finance Minister Henrique Meirelles to a record 170 billion Reais (US$49.7bn), forced Temer's team to propose a cap on the increase in spending for next year to control Brazil's growing debt.

The spending bill is expected to be presented at Congress next week. The size of the deficit was the worst surprise Temer found when he took over, he told Folha

Categories: Economy, Politics, Brazil.

Top Comments

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  • Marti Llazo

    So the country is in worse shape financially than ever imagined after Dilma was deposed and the books were examined? Services and infrastructure found to be broken?

    Does Dilma have a twin sister named CFK?

    Jun 13th, 2016 - 01:53 pm 0
  • ChrisR

    And he was surprised!

    Nobody on here was I should imagine.

    Jun 13th, 2016 - 07:34 pm 0
  • Mendoza Canadian

    Its not a wonder Macri is having heart problems...the Ks basically bankrupted this country. Everything is broken and the country is in a terrible mess. The province of Mendoza is a freaking disaster. In the four years of the kirshnerite Paco...the province lost everything. Guess maybe that's was he was smoking??

    Jun 14th, 2016 - 11:54 am 0
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