Brasília (AFP) – Brazil announced a massive $17 billion austerity package Monday in a bid to boost its ailing economy amid a deepening crisis that has already caused a shock downgrade of its credit rating.The package — announced at a news conference by Planning Minister Nelson Barbosa — includes freezing public sector salary raises and hiring, entirely eliminating 10 of 39 ministries, cutting 1,000 jobs and slashing housing and health-related social spending.”These are major corrections,” Finance Minister Joaquim Levy said.Just a few years ago, Brazil was in carnival mode as one of the BRICS group of emerging giants, winner of …read more
Source: Business Insider
