More Brazilian austerity; IMF deadline may ease
President Joao Baptista de Figueiredo announced further austerity measures for debt-ridden Brazil. The President eliminated some pay raises, reduced others , and imposed some credit controls.Skip to next paragraph
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Meanwhile, progress in negotiations between Brazil and the International Monetary Fund has increased the likelihood that the Bank for International Settlements will extend today's (July 15) deadline for Brazil to repay a $400 million loan, commercial-banking sources said.