{"id":15833,"date":"2015-12-30T14:42:03","date_gmt":"2015-12-30T19:42:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15833"},"modified":"2015-12-30T14:42:18","modified_gmt":"2015-12-30T19:42:18","slug":"brazilian-real-crashes-most-in-4-years-as-hope-fades","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15833","title":{"rendered":"Brazilian Real Crashes Most In 4 Years As Hope Fades"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-12-30\/brazilian-real-crashes-most-4-years-hope-fades\" target=\"_blank\">Brazilian Real Crashes Most In 4 Years As Hope Fades<\/a><\/h3>\n<div class=\"tabs\">Following recent strength on the heels of hope for a new finance minister, news that Ruosseff has sent the minimum-wage-hike Bill to Congress appears to have crushed the hype of any fiscal rectitude and sent Real tumbling.\u00a0<em><strong>Down over 4% &#8211; the most since September 2011 &#8211; BRL is back above 4.00 per USD, giving up all the recent gains.<\/strong><\/em><\/div>\n<div class=\"node\">\n<div class=\"content\">\n<p>Broad weakness in EMFX&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/12-overflow\/20151230_BRL1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/12-overflow\/20151230_BRL1_0.jpg\" alt=\"\" width=\"600\" height=\"284\" \/><\/a><\/p>\n<p>Seems to have been exacerbated by:<\/p>\n<ul>\n<li><strong>*BRAZIL ROUSSEFF SENDS BILLS ON CIVIL SERVANT WAGES TO CONGRESS<\/strong><\/li>\n<\/ul>\n<p>A Bill that could cost BRL 4.77 billion, wrecking hopes of any improvment in the fiscal situation. As Bloomberg reports,<\/p>\n<blockquote>\n<div class=\"quote_start\">Brazil\u2019s bigger-than-estimated minimum wage increase and potential credit expansion\u00a0<strong>make it harder for govt to control around 11% on year inflation and cut budget gap,\u00a0<\/strong>Marcelo Schmitt, portfolio manager at investment firm Sul America, says in a phone interview.<\/div>\n<p><strong>These initial policy steps after Barbosa replacing Levy as finance minister are concerning,<\/strong>\u00a0says Schmitt.<\/p><\/blockquote>\n<p>And so&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/12-overflow\/20151230_BRL.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/12-overflow\/20151230_BRL_0.jpg\" alt=\"\" width=\"600\" height=\"297\" \/><\/a><\/p>\n<p>This is the biggest drop in BRL since September 2011.<\/p>\n<p><em>Charts: Bloomberg<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brazilian Real Crashes Most In 4 Years As Hope Fades Following recent strength on the heels of hope for a new finance minister, news that Ruosseff has sent the minimum-wage-hike Bill to Congress appears to have crushed the hype of any fiscal rectitude and sent Real tumbling.\u00a0Down over 4% &#8211; the most since September 2011 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[90,3052,3051,10209,11353],"class_list":["post-15833","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brazil","tag-brazilian-real","tag-brl","tag-real","tag-ruosseff"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15833"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15833\/revisions"}],"predecessor-version":[{"id":15835,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15833\/revisions\/15835"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}