Brazil’s President Dilma Rousseff said her Finance MinisterJoaquim Levy is not isolated and worn out, even after several of his recent proposals aimed at avoiding a sovereign credit rating downgrade were blocked.
Brazil’s Congress has redoubled its opposition to Levy’s austerity proposals as Latin America’s biggest economy heads to its first two-year recession since 1931. The government reduced its estimate for budget savings for the second time this year amid political resistance to tax increases and budget cuts, together with a drop in tax revenue. Standard & Poor’s has warned that backtracking on fiscal commitments would prompt a downgrade to junk.
Brazil Energy Insight 
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