By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – The decline in federal revenues due to the weakening Brazilian economy led the country’s economic team to announce the reduction of the primary surplus from 1.1 percent this year to 0.15 percent. The primary surplus target, which at the beginning of the year was set at R$66.3 billion (US$20.53 billion), has been lowered to R$8.747 billion (US$2.708 billion).
For Brazil’s Finance Minister Joaquim Levy the new measure will help reduce the risk of the country being downgraded by . . .
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