Brazil's Real Tumbles on Speculation Finance Minister to Resign
- Finance Ministry said Joaquim Levy would stay in the job
- Ibovespa pared advance as Veja reported Levy would leave post
Speculation Brazil’s Finance Minister Joaquim Levy would resign his post amid a political crisis that has paralyzed an already stalled economy sent the currency tumbling late Friday.
Levy planned to quit during a meeting with President Dilma Rousseff on Friday after nine months struggling to get his austerity measures approved by Congress, Veja Magazine columnist Vera Magalhaes reported without saying where she got the information. Local media reports that Levy has been facing criticism within the government -- and that former President Luiz Inacio Lula da Silva has been calling for his resignation -- have increased in recent weeks as Levy faced resistance to his proposals for spending cuts and tax cuts that he says are needed to shore up the country’s budget.