November 2017

08Nov

Brazil central banker urges pension overhaul to avoid market turmoil

Brazil's congress needs to reform the country's pension system while global markets are favorable or risks facing more volatility, central bank chief Ilan Goldfajn said on Tuesday during an event in Uruguay. "We don't have until the end of times to do what must be done," Goldfajn said during a panel with fellow central bank presidents from Latin America. Talks resumed last month after the lower house voted to reject a criminal charge against President Michel Temer. But pessimism over...

November 8, 2017
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October 2017

31Oct

Now or never for Brazil’s pension reform

After two years of economic recession, the Brazilian economy is finally showing signs of recovery amidst a continuous political crisis. Since officially taking office in August 2016, President Michel Temer has prioritized the implementation of a broad austerity package to include spending cuts and a series of reforms meant to stabilize Brazil’s fiscal position and promote greater economic growth. As of October 2017, Brazil’s inflation rate is at a low 2.54% and is expected to close 2017 at 3.06%, while...

October 31, 2017
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05Oct

Brazil intervenes in fraud-hit Postalis pension fund

Brazil’s pension oversight body Previc ordered a 180-day intervention in Postalis Instituto de Previdência Complementar, the pension fund for post office workers, for breaking rules on reserve requirements and investments, the regulator said on Wednesday. Postalis, Brazil’s largest fund by number of participants, has amassed billions of reais in losses over the past decade due to risky bets and has run a deficit every year since 2011. Prosecutors in May charged eight people, including the fund’s former president, with tax...

October 5, 2017
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September 2017

06Sep

More Corruption Allegations Mean Brazil Pension Reform Dies Another Day

Brazil's pension reform, which no one in their right mind believes is passing congress this year, got yet another death sentence on Monday. Lower House Speaker Rodrigo Maia said this month was a no-go for entitlement talks. Maia blamed new allegations of corruption against President Michel Temer. "I think that with another example of foul play that we are hearing about in the media makes it difficult for us to pass any proposals for changes to the constitution until the end of...

September 6, 2017
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April 2017

27Apr

Brazil. Pension reform will avoid “radical” measures, says minister

Reform of Social Security During seminar, holder of the Ministry of Planning, Budget and Management said that the proposal of the federal government is "gradual." Without change, budget will be "unfeasible" Aimed by the government as essential for sustainability of public accounts, pension reform will prevent "radical" solutions from being taken in the future to contain the system's deficit. With the change of the rules of retirement, the Minister of Planning, Budget and Management, Dyogo Oliveira, said on Tuesday (25) that...

April 27, 2017
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19Apr

Brazil waters down pension reform as protests turn violent

Brazilian President Michel Temer on Tuesday made new concessions to ease passage of an unpopular pension reform bill, leading police unions to try and invade Congress in the latest angry demonstration from a labor group. The watered-down proposal, which has faced pressure from skittish lawmakers, has raised doubts among investors about how close it will come to the original goal of narrowing a huge and growing budget deficit. After the details of the new proposal were revealed on Tuesday, protesting police...

April 19, 2017
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07Apr

Brazil government sees no risk to austerity in pension reform changes

Proposed changes to the Brazilian government's pension reform proposal do not threaten an ongoing overhaul of government finances, the finance ministry said in a statement on Thursday. Brazil's real weakened and local stocks fell on Thursday over doubts whether President Michel Temer will be able to secure approval for a pension reform designed to rebalance the country's depleted accounts. Full Content: Reuters Remember to subscribe to our free weekly newsletter for more news or subscribe to our service to get unlimited access.

April 7, 2017
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March 2017

23Mar

Temer Backs Off and Shrinks Pension Reform in Brazil

The debate on the pension reform in Brazil presents today a new face, after in an unsuspected turn of his number one driving force, president Michel Temer, decided to limit the reform to federal employees. Shielded by the need of obeying the autonomy of the states and to strengthen the federation principle, Temer announced last night that the Constitutional Amendment proposed (PEC 287) which he sent last December to Congress and caused enormous discontent will be limited only to the federal...

March 23, 2017
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