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ACTING Brazilian President Michel Temer has announced stinging austerity cuts, just two weeks after seizing power in a legislative coup.
Mr Temer said on Tuesday that the government would demand an early repayment of about £19 billion from state-owned investment bank BNDES and immediately abolish a fund created to channel oil revenues into education.
He also pledged to limit annual growth in government spending to the rate of inflation, currently around 10 per cent.
On Monday, recordings emerged of Planning and Development Minister Romero Juca saying that elected President Dilma Rousseff’s impeachment would help the government “find a way out” of investigations into the multimillion-pound bribery scandal at national oil company Petrobras.
The main suspect in the probe is congressional speaker Eduardo Cunha, who led the charge for impeachment proceedings. Ms Rousseff said the recordings were proof of a coup plot against her.
