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Solution To Precatorios Still Sought After

BRAZIL
  • Government and Congress remain in discussions relating to court ordered payments known as "precatorios", which continue to exacerbate budgetary concerns.
  • Estado reported that Lower House President Arthur Lira and Senate President Rodrigo Pacheco scheduled new meetings to talk about the issue later today, inviting the Economy Minister Paulo Guedes, who was not part of the debate on Monday.
  • There appears to be three potential solutions:
    1. Include a constitutional amendment limiting how much in "precatorios" can be paid every year.
    2. Temporarily removing the expense from the spending cap limit.
    3. Allowing government to pay them in instalments.
  • While it is still uncertain how any of these options will be considered by lawmakers, Citi believe markets will take an agreement between 'los tres amigos' as positive, reducing the probability of taking the new-welfare-social program out of the fiscal rules, which would be much more dangerous.
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