Reported about 9 hours ago
Brazilian markets are poised for their worst week in months after a government plan to cut spending fell significantly short of expectations. Finance Minister Fernando Haddad's proposal, aimed at stabilizing the country's growing budget deficit, instead led to a sharp drop in the currency and stock prices, as investors expressed lack of confidence in the government's fiscal commitment. The situation worsened with rising inflation concerns and a projected widening budget deficit.
Source: YAHOO