President Dilma Rousseff's latest austerity plan to rescue Brazil's sinking economy faced a cold reception Tuesday, with Congress raising questions over whether the measures will win approval. The speaker of the lower house of Congress and one of Rousseff's chief foes, Eduardo Cunha, dismissed the measures as pseudo cuts and predicted they would not easily pass.
Two leading figures associated with Brazil's ruling Workers' Party will face trial over their alleged roles in the Petrobras graft scandal, authorities confirmed Tuesday.A judge has accepted to take on the case brought against Jose Dirceu, a former chief of staff under ex-president Lula da Silva (2003-2010), and who prosecutors say masterminded the bribes and embezzlement scheme skimming huge sums from the state oil giant.
Brazil's government announced on Monday spending cuts and tax increases totaling 65 billion Reais ($16.9 billion) as it races to close a budget deficit that led to a downgrade of the country's credit rating last week.
Former Brazilian president Lula da Silva, “intimately celebrates” a possible political action that would remove president Dilma Rousseff from the Planalto Palace, according to one of the country's most respected and serious dailies, O Estado de Sao Paulo.
Brazilian President Dilma Rousseff has one last chance to stem a growing political and economic crisis before being forced to step down, one of the country's leading daily newspapers said on Sunday.
Brazilian police have asked the Supreme Court for permission to question former president Lula da Silva, who they say may have benefited from the corruption scandal roiling state oil giant Petrobras.
A day after Standard & Poor’s slashed Brazil’s credit rating to junk, the Brazilian Real lost close to 2% by the end of the day to 3.865 per dollar—its weakest level since 2002. In an effort to stem the decline, Brazil’s central bank injected $1.5 billion into the financial system Thursday.
After months of trying to shore up Brazil's public finances, President Dilma Rousseff now faces political and business pressure to ease up on painful austerity measures in a country long hooked on the helping hand of a big state.
Standard & Poor's has stripped Brazil of its investment-grade credit rating, further hampering President Dilma Rousseff's efforts to regain market trust and pull Latin America's largest economy out of recession.
Analysts expect Brazil's economy to contract by 2.44% this year, marking the worst performance since 1990, and inflation will hit 9.29%, the Central Bank said Tuesday. The latest figures represent a downward revision from last week, when analysts expected Latin America's largest economy to contract by 2.26% and inflation to come in at 9.28%.