Brazil’s federal, state governments reach accord to balance accounts

Brazil’s federal government reached a deal on Tuesday to help cash-strapped states with their fiscal woes in exchange for support from governors on deeper structural reforms including pension reform and the capping of public employee salaries.

Finance Minister Henrique Meirelles told reporters after meeting President Michel Temer and governors in Brasilia that federal and state governments have agreed to a “grand national accord to balance public accounts.”

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