link : Brazil Markets Plunge On President Lula's First Full Day In Office
Brazil Markets Plunge On President Lula's First Full Day In Office
Reuters: Brazil markets tumble on Lula's first full day in office
BRASILIA, Jan 2 (Reuters) - Brazilian markets delivered a withering verdict on leftist President Luiz Inacio Lula da Silva's first full day in office on Monday, after he pledged to prioritize social issues and ordered a budget-busting extension to a fuel tax exemption.
Lula's decision to extend the fuel tax exemption, which will deprive the Treasury of 52.9 billion reais ($9.9 billion) a year in fiscal income, was a stinging rebuke of his finance minister Fernando Haddad, a Workers Party (PT) loyalist who had said it would not be extended.
Haddad, who is seeking to dispel market fears that he might not maintain fiscal discipline, took office on Monday, pledging to control spending. "We are not here for adventures," he said.
Markets seemed unconvinced.
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Update: Petrobras Investors Tank Shares as Lula Makes a Populist Strategy Shift (Bloomberg)
Update #2: Petrobras Shares Tumble In Brazil Market Rout As Lula Returns (OilPrice.com)
WNU Editor: Investors have made it clear. They do not trust the Lula government, and are looking elsewhere to park their money.
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