Brazilian Top Unions Blast Copom for Not Cutting Interest Rates

Brazil’s two biggest labor unions  in a note signed by their presidents,  have criticized the decision by Brazil’s Monetary Policy Committee (Copom) to leave the country’s basic interest rate (Selic) at 19.75% per year.

The unions are CUT (Central íšnica dos Trabalhadores – Unified Workers’s Central) and Força Sindical (Union Force) and their heads are Luiz Marinho and Paulo Pereira da Silva, respectively.


According to CUT, the only thing worse than leaving the interest rate where it is would be raising it.


“Brazil needs a positive agenda. Lower interest rates would be something in that direction. We demand a change in economic policy that would begin with lower interest rates, followed by more realistic inflation and primary surplus targets.


“The country needs more investments in social programs, infrastructure; production needs a boost,” said the CUT note.


“And this decision has an aggravating aspect: it occurs at a moment of political turbulence. This is an opportune moment for us to express our strong opposition to corruption. We insist on the guilty being punished,” said the note in reference to the corruption scandal involving civil servants, the PT and congressmen.


Meanwhile, the Força Sindical, in its own note, called the Copom decision “highly harmful to the country.”


And continues: “This measure shows clearly that the government’s economic team, consisting of insensitive technocrats, continues to favor speculators, leaving production and the creation of jobs in a distant second place.”


ABr

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Follow the Leader

A Lula victory will allow Brazil, in alliance with some of the U.S.’s adversaries, ...

Brazil Says South America-Arab Summit Won’t Be Against Anyone

The summit for South American and Arab countries, which will take place in May, ...

Brazilian Indian family works on handicraft

Brazilian Urban Indians Are Surviving as Odd Jobbers and Maids

According to the census carried out by the Brazilian Institute of Geography and Statistics ...

Huge hole on Brazilian road

By Car, Air or Foot, Brazilians Can’t Escape Chaos and Crime

Brazil is dissolving like an ice cream exposed to the sun. The public authority’s ...

Brazil Sugar Exports to Arabs More than Double

Sugar exports from Brazil to the Arab countries in September grew 122% in comparison ...

What’s Splitting the PT?

It would be wise for Lula to try and push for the urgent reforms ...

President Dilma Can Get a Place in History by Having Rich and Poor Kids in the Best Schools

In her first post-election speech, President-elect Dilma Rousseff made a commitment to eradicating misery. ...

Brazil Talks About Worry and Offers to Help Bolivia

Brazil’s Ministry of Foreign Relations issued this Saturday, June 4, a note about the ...

A New Push in Brazil for Conservation and Ecotourism

Brazil’s Ministry of Environment (MMA) announced, March 18, in São Paulo’s Ribeira Valley, the ...

It’s Easier to Be a Dollar in Brazil These Days

The unification of the free (commercial) and fluctuating (tourist) exchange rates went into effect, ...