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Brazil New Finance Chief Gets Rude Reception as Crisis Deepens

  • Barbosa steps in amid deepening political and economic crises
  • Real and stocks fall for second session after Barbosa named
Nelson Barbosa.

Nelson Barbosa.

Photographer: Evaristo Sa/AFP via Getty Images
Updated on

Nelson Barbosa could, of course, turn out to be the man who fixes Brazil’s finances, tames soaring inflation and revives the sinking economy, but investors sure aren’t betting on it.

Financial markets sank for a second session on Monday after news spread that
Barbosa would be the country’s next finance minister, replacing the beleaguered Joaquim Levy. Both the currency and stock market fell more than 1 percent on Monday, extending the two-day losses to about 4 percent.