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Brazil's Temer seeks constitutional reform to curb public spending
May 24, 2016 / 2:16 PM / 2 years ago

Brazil's Temer seeks constitutional reform to curb public spending

BRASILIA, May 24 (Reuters) - Brazil’s interim President Michel Temer said on Tuesday he would seek a constitutional amendment to curb public spending by limiting the growth of expenditure before debt payments to the rate of inflation the previous year.

Temer said Tuesday’s vote in Congress on the 2016 fiscal target was the first test for his new government as it tries to balance Brazil’s accounts. He announced that national development bank BNDES will pay 100 billion reais ($28 billion) in debt to the national treasury to help plug a fiscal gap. ($1 = 3.5466 Brazilian reais) (Reporting by Alonso Soto and Silvio Cascione; Editing by Daniel Flynn)

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