Brazil stocks fall on pension reform jitters
Brazilian stocks fell on Monday as traders feared the government might have to weaken pension legislation further to ensure its approval in Congress.
President Michel Temer’s administration agreed last week to soften its controversial plan to streamline the social security system after facing strong opposition from lawmakers. That proposal would generate fiscal savings of about 60 percent of the government’s original proposal, down from 75 percent under a previous version.
Investors widely see the bill as necessary to curtail rising public debt and to allow the government to meet fiscal targets.
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