Temer Buoyed by Brazil Vote to Curb Budget-Busting Loans

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Brazil’s lower house of Congress passed a bill curtailing subsidized lending practices that had drained public coffers and stoked inflation, boosting President Michel Temer’s reform agenda.

The Chamber of Deputies voted on Thursday in favor of legislation that phases out below-market loans from state development bank BNDES and creates the new TLP rate. Legislators rejected two amendments, and next Tuesday will vote on three others that may alter the bill. The Senate must vote on the bill before it expires on Sept. 7.

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