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BRAZIL: Haddad May Speak Again At 2130GMT/1730ET

BRAZIL
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  • According to Bloomberg, finance minister Haddad may speak again today at 1730ET, something that will be closely monitored by markets following developments on Tuesday.
  • As a reminder, Haddad said that President Lula is asking for more information about the spending cut package and that the Finance Ministry is currently doing the math for it. He also didn’t commit to a size for the package, saying that he was unaware where the estimates of BRL 30-50bn of savings came from.
  • “I don’t know where that number came from, I never disclosed the number to you. I don’t disclose the number because you only disclose the number when the decision is made,” he said.
  • Haddad later added that Lula intends to set a definitive date for spending-cut announcements.
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  • According to Bloomberg, finance minister Haddad may speak again today at 1730ET, something that will be closely monitored by markets following developments on Tuesday.
  • As a reminder, Haddad said that President Lula is asking for more information about the spending cut package and that the Finance Ministry is currently doing the math for it. He also didn’t commit to a size for the package, saying that he was unaware where the estimates of BRL 30-50bn of savings came from.
  • “I don’t know where that number came from, I never disclosed the number to you. I don’t disclose the number because you only disclose the number when the decision is made,” he said.
  • Haddad later added that Lula intends to set a definitive date for spending-cut announcements.