Economics
Brazil Markets Halt Drop as Economy Chief Stays, Defends Aid
- Members of economic team resigned amid spending push
- Guedes says he didn’t quit, fiscal framework unchanged
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Brazilian markets rebounded from deep losses as Paulo Guedes vowed to stay on as economic chief and defended the government’s push to increase social aid to the poorest.
Speaking with Jair Bolsonaro at his side in Brasilia, Guedes defended a more flexible approach to spending, saying the country is not being fiscally irresponsible, but has to be sensible to social needs. He added that the president made “the right decision” in providing aid to truckers, who are struggling with high fuel prices, and said the government has suffered from “a lack of good will and tolerance.”