Brazilian President Michel Temer warned on Monday that the national debt could swell to the size of the country's gross domestic product within eight years should public spending not be brought under control and fiscal reforms not enacted.
Brazilian retail tycoon Abilio Diniz has suspended plans to merge his supermarket chain Grupo Pao de Acucar with the local arm of France's Carrefour. The move comes after the Brazilian state development bank BNDES and a private fund backed out of supporting the deal.