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Crucial Pension Overhaul Stalls in Brazil

  • Lower house speaker Maia says pension bill vote date Feb. 19
  • Brazil govt has been struggling to secure votes for measure
Updated on

Brazil’s government threw in the towel on its efforts to vote on a flagship social security reform this year, kicking the bill back to February and raising the prospect that nothing will be done about the country’s ballooning pension obligations until after next year’s elections.

Lower house debate on the constitutional amendment that would rein in Brazil’s pension spending will begin on Feb. 5 and the bill will be put on the voting schedule on Feb. 19, lower house speaker Rodrigo Maia told reporters in Brasilia on Thursday afternoon. Both the currency and the benchmark stock exchange fell on the news, following sharp sell-offs on Wednesday as the chances of a vote dwindled.