When he came aboard this year as Brazil’s finance minister, Joaquim Levywas hailed by many as the fiscal hawk who would bring discipline to the country’s big-spending leftist government.
Nicknamed “Joaquim Scissorhands” for his penchant for cost-cutting, the conservative economist, who holds a doctorate from the University of Chicago, set aggressive fiscal targets and vowed to restore investor confidence in Brazil.
But barely nine months into the job, Mr. Levy is struggling with credibility problems of his own, raising doubts about his staying power.
Many of his austerity initiatives have been watered down or stalled by a rebellious Congress. Brazil’s shaky finances have gotten worse, not better, on his watch. And the economy has tumbled into the worst downturn in 25 years, heightening the risk of Brazil losing its coveted investment-grade credit rating.
Brazil Energy Insight 
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