Crisis-hit Brazil announces spending cuts, tax hikes

GMT 20:29 2015 Monday ,14 September

Arab Today, arab today Crisis-hit Brazil announces spending cuts, tax hikes

Brazil economy
Brasília - Arab Today

Brazil announced steep spending cuts and tax hikes Monday in response to a deepening economic crisis  that has already caused a shock downgrade of its credit rating.

Planning Minister Nelson Barbosa told a news conference that the initiatives would total 64.9 billion reais ($17.03 billion). The announcement came after Standard & Poor's cut Brazil's sovereign credit rating to junk last week.

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