I think it's likely for the time being that Brazil is going to try to move forward as it says it will on its fiscal program.

172

The likely consequence could be very messy elections at a time when the country is most fragile, ... The instincts to print money and spend in order to get the voters' favor will be infinitely increased, and the chances of hyperinflation would go up that much faster.

171

This will have a bigger impact on the world's economy and a smaller impact on the financial system.

77