Brazil warns of austerity

Minister Joaquim Levy (Photo: Portal Brasil)

Minister Joaquim Levy (Photo: Portal Brasil)

Brazil is in for a period of austerity and supply side reform, including the potentially controversial overhaul of social welfare programmes, such as unemployment benefits, said Joaquim Levy, Brazil’s finance minister, during an interview to the Financial Times.

According to the newspaper, Levy said that the Brazilian government, in order to get its finances into order, “will have to cut in several areas”. He also stated his intention to “get rid of subsidies and get prices right”.

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FT Brazil warns of austerity