26-10-2016 01:53 via news.yahoo.com

Brazil president's plan to restore finances takes step forward

By Maria Carolina Marcello BRASILIA (Reuters) - Brazil President Michel Temer won another victory on Tuesday in his effort to restore fiscal discipline when the lower house of Congress approved a constitutional amendment to cap spending for 20 years. Heavy public spending, a recession and a massive corruption scandal rocking Brazil's political establishment undermined confidence in South America's biggest economy last year and stripped the country of its investment-grade rating with creditors. T
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