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Luiz Inacio Lula da Silva |
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The magnitude of the problems facing Brazil is clear from JPMorgan’s list of country spreads in its EMBI+ bond index. Its spread is 838 basis points over treasuries, roughly the same as two countries only just coming out of default: Pakistan and Ukraine. It is 186bp wide of Turkey, 263bp wide of Russia and 565bp wide of Mexico or South Africa. It is 650bp wider than Poland, a country that has completely turned the tables on it, repaying $2.5
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