Privatize Petrobras? Check With Bolsonaro’s Generals First

Brazil’s right-wing front-runner Jair Bolsonaro became a market darling in part by promoting massive energy privatizations. But investors shouldn’t hold their breath.

Those plans are getting watered down as Bolsonaro, a former army captain who has a history of supporting economic nationalism, brings into his campaign more military officers who view oil extraction and power generation through the lens of national security. The congressman has promised to name as many as five generals to his cabinet and give the security forces their biggest public role in decades.

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