News from Brazil

Politics & Government

In Brazil on November 19, 2010 at 12:05 pm

POLITICS

Brazil’s ruling Workers Party’s main ally in Congress Brazilian Democratic Movement, PMDB, has formed its own legislative group hoping to dispute some of the most strategic posts in the new congress that takes office next January first (MercoPress).

Finance Minister Guido Mantega accepted an invitation by president-elect Dilma Rousseff to stay on as finance minister (Reuters).

Guido Mantega’s goal in the next government is to reduce net debt to about 30 percent of gross domestic product by 2014 (Bloomberg).

As Brazil’s longest-serving central bank governor, Henrique Meirelles has been keeping his steely eye on the country’s inflation rate for nearly eight years. But with the country preparing for Lula’s successor, it appears that Mr Meirelles’ single-mindedness may have fallen out of fashion in political circles (BBC).

President-elect Dilma Rousseff was a creation of President Lula da Silva and could fall prey to the temptation of a populist system, said French Sociologist and political scientist Alain Touraine currently visiting Sao Paulo (MercoPress).

“If Brazil’s President-elect Dilma Rousseff wants to foster investment to sustain economic growth and accelerate the convergence between domestic and international interest rates without stoking inflation, she needs to keep former Finance Minister Antonio Palocci in the government’s decision-making nucleus. Anything else would be an unparalleled waste and an irreparable mistake”. Read the column by Alexandre Marinis at Bloomberg.

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INTERNATIONAL

Bilateral trade among Mercosur main partners, Argentina and Brazil is expected to reach a “historic record” of almost 34 billion US dollars this year, 80% of which mostly manufactured goods, according to Argentine Industry minister Deborayh Giorgi, who also anticipated that the deficit would drop 30% (MercoPress).

Brazil’s Foreign Trade Chamber (Camex) announced a new credit line for African food producers to purchase tractors and other farm machinery in the country (Xinhua).

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LAW ENFORCEMENT

Police in Brazil say they have arrested 22 people as part of an 18-month effort to break an international drug syndicate (BBC).

Brazilian police are organizing a nationwide strike for the first few days of 2011 to demand a pay raise that the government says would cost 43.5 billion reais ($25.2 billion) annually (Bloomberg).

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