Brazil's stock exchanges fell this Thursday as soon as the country's elected president, Luiz Inácio Lula da Silva, redoubled his plans to increase spending, disregarding the concern of investors about the importance of fiscal discipline.
Brazil's currency, the real, fell by more than one percentage point at the opening of the day, leading the declines of its counterparts in emerging markets, as soon as Lula da Silva had declared in the framework of the COP27 climate conference that his government should start the debate on “social responsibility instead of fiscal responsibility.”
His team's proposal is . . .
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