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Brazil raises taxes and cuts spending as recession hits
The Brazilian government has announced plans for $7 billion in spending cuts and $8 billion in additional taxes aimed at plugging the hole in the country’s 2016 budget.
The austerity package is designed to balance the harsh economic downturn of the seventh-largest economy, whose sovereign credit rating was cut to ‘junk’ status last week.
The measures are going to freeze public sector salaries,...
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