Brazil's economy minister and lower house speaker exchanged harsh words on ...
RIO DE JANEIRO - Brazil’s economy minister and lower house speaker exchanged harsh words on Friday over progress on pension reform, creating another drag on Brazilian financial assets already feeling the heat from global market weakness.
Rodrigo Maia, speaker of the lower house of Congress, hit back at the criticism, saying the collective will had prevailed as it should in a democracy. “We’re not going to pay attention to Minister Paulo Guedes and his recent aggressions against the parliament,” Maia said in a TV interview. Speaking in Rio de Janeiro, Guedes said only a bill generating around 1 trillion reais of savings over the next decade would represent real reform of the country’s bloated social security system, but around 860 billion meant the issue would need revisiting in five or six years time.
Brazilian markets rallied on Thursday, but the political noise soured the taste on Friday, and Guedes came under fire.
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