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Brazil’s financial market is more concerned with pandemic and fiscal risk than with the cabinet reshuffling

RIO DE JANEIRO, BRAZIL - The real started the week in strong devaluation, reflecting the worsening of the pandemic, the instability in the Executive branch of the country and, mainly, the fear of not meeting the spending cap in 2021. Around midday Monday, March 29, the concern of investors over the approval of a not very feasible 2021 Budget led the dollar to hit R$5.80 and the Ibovespa index to stop at 114,100 points.

In an interview published yesterday in the Financial Times newspaper, António Guterres, UN Secretary-General, warned about the risk of default in developing . . .

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