March 21, 2016 |
Brazil’s new finance minister Nelson Barbosa has mountains to climb. And they’re not only the Alps at Davos, where Barbosa was greeted with skepticism by investors at the annual gathering of policymakers and global business leaders in January. The trip was shortly after Barbosa’s predecessor, the market-friendly Joaquim Levy, bowed out of office. Ian Bremmer, president of risk consulting firm Eurasia Group who was in Davos, said Barbosa’s message “was not convincing at all,” and the markets have demanded a greater premium to roll over Brazil’s mounting debt.
Brazilian companies continue to have trouble accessing the international debt capital markets and the outlook this year is bleak. Some
Brazil’s last finance minister left office after less than a year. His successor, Nelson Barbosa, takes the reins of an economy in crisis—with investors deeply skeptical about its prospects