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Bolsonaro Says Brazil Must Reform or Become Next Venezuela

  • Says approval of "substantial" pension reform almost certain
  • Economy Minister Guedes says will zero budget deficit this yr
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Brazil’s President Jair Bolsonaro discusses government reform, trade deals and climate change.Source: Bloomberg)
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Brazil’s President Jair Bolsonaro pledged swift and sweeping measures to fix the economy and ward off what he said was a risk that Latin America’s largest nation turns into a Venezuela-style regime.

Plans to sell a large number of state-owned companies are nearly ready, and a proposal to be sent to Congress will bring "substantial" cuts to pension outlays and establish a minimum retirement age, Bolsonaro said on Wednesday in Davos in an interview with Bloomberg News Editor-in-Chief John Micklethwait. He said the approval of the pension reform investors are eagerly awaiting is practically certain as Brazil’s financial situation gives it little choice.