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Montevideo, April 19th 2024 - 14:35 UTC

Stories for August 30th 2015

  • Sunday, August 30th 2015 - 13:58 UTC

    Brazil in recession: worst slowdown in nearly three decades

    A commodities-fueled economic boom has fizzled since Rousseff took office in 2011, and her stimulus efforts drove up debt without spurring growth

    Brazil's economy shrank 1.9% in the second quarter, sinking into a recession that has hammered President Dilma Rousseff's popularity. The quarterly contraction, reported by government statistics agency IBGE on Friday, was bigger than what markets expected and confirms the worst slowdown for Brazil in nearly three decades.

  • Sunday, August 30th 2015 - 13:44 UTC

    Brazil wants to revive financial transaction tax to increase revenue

    “We're in a deep economic crisis and any move in that direction would make the crisis worse,” said Senator Calheiros, speaker of the House.

    The Brazilian government is considering reviving a financial transaction tax known as CPMF in a bid to shore up its finances in 2016, but the initiative apparently does not have sufficient support in Congress and President Dilma Rousseff's main coalition ally, PMDB, is not willing to make the presentation.