Naked Truth (Schwartsman)

“The Naked Truth” by Alexandre Schwartsman. The author discusses the deterioration of Brazil’s fiscal performance.The primary surplus was also recalculated, without adjustment: “the federal balance, which averaged 2% of GDP between 2002 and 2008, has declined to about 0.5% of GDP in 2009-2010, a considerable fiscal expansion… that the deterioration of fiscal performance has gone much farther than would be warranted by the business cycle”.The distribution of this report was authorired by the author – PDF attached.