Macroeconomics

  • Defusing the Time Bomb Sep 10, 2003

    Lula has put the brakes on a social security system run wild. The benefits of pension reform are small, but they will at least head off a payments crisis.

    • All Lula's Men Mar 1, 2003

    • Capping Pension Payments Mar 1, 2003

      Social Security expenses now exceed revenues by more than $24 billion. The Lula Administration must find a way to stop the excess spending in its federal budget.

    • Panic Over, For Now Mar 1, 2003

      Sovereign bond investors are relieved that the leftist admnistration of Luiz Inácio Lula da Silva promises to meet its financial obligations while pursuing its social objectives.

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management