The Brazilian president’s determination to roll back lockdown measures caused him to fire his health minister this week but, with states and municipalities taking the lead of containment policies, it probably won’t change much in practice. In the meantime, the country’s congress looks set to approve a ‘war budget’ which will allow a much larger fiscal response, albeit at the cost of a worsening debt problem. Argentina’s debt position is altogether more problematic and the restructuring offer made to bondholders suggests that the government is playing hardball.
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