Brazil’s Prosecutor-General’s Office questioned the constitutionality of President Michel Temer’s proposed public spending cap and recommended that Congress shelve the austerity measures. The office said in a statement the proposal interferes with the autonomy of other federal powers and would weaken the country’s judicial system, handicapping efforts to combat corruption.
Brazil's economy is expected to return to growth next year and with a decrease in the value of the dollar vis-a-vis the Real in recent months, the country is back on track to becoming the world's eighth largest GDP in 2017 according to the IMF. Since last year, Brazil has been ranked ninth (2 positions below its ranking in 2014) due to the recession that started at the end of 2014.
Brazilian central bank chief Ilan Goldfajn said policymakers have no set time frame to cut interest rates, even as industrial data suggested that Latin America's biggest economy may take longer than expected to emerge from recession.
The president of Brazil reiterated the support of his country to the legitimate rights of the Argentine Republic in the sovereignty dispute with Great Britain relative to the Malvinas, South Georgia and South Sandwich Islands and the surrounding maritime spaces, reads point 45 of the 47-point Argentina-Brazil joint statement from 3 October, following Brazilian president Michel Temer's visit to Buenos Aires.
The World Trade Organization confirmed on appeal on Thursday its ruling partially in favor of Argentina in its dispute with the European Union over duties the bloc imposes on imported biodiesel.
A Congressional committee in Brazil approved on Thursday a constitutional amendment that would limit public spending to the rate of inflation for 20 years, handing President Michel Temer an initial victory in his plan to plug a widening deficit, which if continued at the current rate could lead to fiscal collapse and public accounts insolvency, a repeat of the Greek tragedy.
President Michel Temer has not managed to convince Brazilians his government is better than that of his ousted predecessor Dilma Rousseff, and his popularity remains low, according to a poll on Tuesday. Pollster Ibope said the number of people who consider Temer's government great or good edged up to 14% from 13% in the previous survey in late June, which was conducted six weeks after he replaced Rousseff when her impeachment trial began.
Brazil’s industrial output posted its biggest monthly drop in over four years in August, damping optimism about the country’s prospects for recovering from its worst recession in generations. Industrial production declined 3.8% in August from July in seasonally adjusted terms, the Brazilian Institute of Geography and Statistics, IBGE, said on Tuesday.
Brazilian President Michel Temer said on Monday the high abstention rate as well as the number of blank and spoiled ballots in local elections on the weekend signaled the disillusionment of Brazilians with their political system. Brazil's electoral authority, the TSE, said the abstention rate averaged 17.5% in Sunday's nationwide polls, up from 15.4% in the municipal elections in 2014.
Foreign minister Susana Malcorra said that the Falklands/Malvinas issue has “an enormous emotional content”, but as her country's main diplomat her duty is to ensure a dialogue that can advance, in the best possible way, on all issues. The minister also described the Mercosur relation with Brazil as “inexorable”, which is beyond ideologies underlining the significance of Brazil's Michel Temer recent visit to Argentina.