Brazil Announces Recovery Agreement for Rio de Janeiro

According to Governor Pezão, the agreement is a guarantee that the state will have a balanced financial situation in the future.

By Jay Forte, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Finance Minister Henrique Meirelles announced today that the federal government will make an agreement with the government of Rio de Janeiro for the state's fiscal recovery. Without detailing the specifics of the plan, Meirelles said the full measure should be released next week.

"The agreement is viable and we conclude that, yes, we have all the conditions to close the agreement. That's the big news," Meireles said.

"Now let's work on the details of the agreement. Something that should demand one more week of work," explained the minister . . .

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