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Uruguayan president Tabare Vazquez said it was “urgent and necessary” to redesign Mercosur so as to give its members greater 'trade flexibility'. Vazquez made the statements following Thursday meeting with his peer Dilma Rousseff in Brasilia and underlined “it would be naive to admit that Mercosur as it stands currently, is satisfactory”.
The head of the International Monetary Fund (IMF) encouraged Brazil on Thursday to pursue fiscal discipline, saying it was needed to protect social programs benefitting the poorest members of society. IMF chief Christine Lagarde made the link during a visit to Complexo do Alemao, one of Rio's largest and most dangerous slums and an example of the challenges the country faces as it struggles with low growth and high inflation