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Brazil’s Real Plan celebrated its second birthday in July, but still without the constitutional fiscal reform needed to achieve sustained strong economic growth in a low inflationary environment. Is it time to panic? The answer is no at least not for some time. Although the 1995 fiscal balance was a shocker there was a deficit of 5% of GDP, compared with 1994’s 1.3% operational surplus president Fernando Henrique Cardoso’s economic team began preparing years ago for a long battle with congress. |
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