Brazil moves to dilute unpopular pension reform bill
Brazilian congressional leaders will meet on Thursday to agree on a watered down version of an unpopular pension reform bill after the government conceded it cannot muster enough support for its proposed belt-tightening.
Brazil’s benchmark stock index Bovespa jumped, closing 2.7 percent higher on news of the renewed push to reduce the cost of the country’s generous pension system. A day earlier, the index fell to a two-month low after President Michel Temer said the pension bill might not pass this year.
Congressman Arthur Maia, who is overseeing the pension bill in the lower house, said party leaders would meet to decide on a pared-back proposal that can win approval.
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