After months of increasing volatility and a crashing currency in
International Monetary Fund signed off on a
$30 billion rescue package for the beleaguered country.
The World Bank and the
Inter-American Development Bank also came
through with $3 billion in emergency financing. The
real, Brazil's currency, and government bonds came under
severe market pressure in July and August, driving up the size of
the government's debt and forcing the authorities to reduce the
debt's maturity structure. This further undermined investor
confidence with the approach of October's presidential elections,
which the government's
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