There’s no way around it: Brazil is a disaster.In a report to clients on Friday, economists at Deutsche Bank took a detailed look at South America’s flagging economy and found that, any way you cut it up, things are not good.
In recent weeks, the government has seen its debt rating cut to junk, and in response it introduced a $17 billion austerity package that will freeze public hiring, cut about 1,000 jobs, and eliminate 10 ministries altogether.
As the AFP outlined in a report earlier this week, Brazilian President Dilma Rousseff has now been “painted into a corner” as she deals with a recession, inflation rising sharply, unemployment soaring, and corruption allegations to boot.
Impressive charts, but depressing charts. It is difficult to find any positive, economic news these days. Beside that, the local media seems to only have “crime” news now……guess there is plenty of crime on which to report.