Economics
Michel Temer Vows to Spend Political Capital on Reforming Brazil
- The new president wants to limit spending and repair budget
- ‘I’m taking a tougher stance,’ he says during interview
Brazil's Temer Promises Reforms, Budget Repairs
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Brazil’s President Michel Temer vowed to push ahead with unpopular measures to revive a troubled economy, saying his lack of electoral ambition gives him a free hand to act.
In an at Bloomberg’s headquarters in New York, Temer said he would spend all his political capital to shore up public accounts, expressing confidence that Congress would approve his proposals by the middle of next year to limit public spending and reform pensions. While he signaled he would be tougher on granting further raises for civil servants, he said the treasury could find room to provide aid for debt-stricken states.