BRASILIA - Brazil’s Senate Constitutional and Legal Affairs Committee on Tuesday approved the text of a pension reform bill, paving the way for a second and final plenary vote later in the day that will finally enact the landmark bill into law.
Pension reform has dogged successive governments over the past 20-30 years, during which time the social security deficit has steadily risen. After months of often tortuous and acrimonious debate, the bill is now 99% certain to pass, Senator Tasso Jereissati said. “The market rallied a lot today, in part because of this passage,” said Tony Volpon, chief economist for Brazil at UBS. “It looks like local investors who have been buying the market in the face of foreign selling are beginning to win the argument.”rose 1.1% to close at 107,197 points, breaking above 107,000 points for the first ever. The real rose more than 1%, touching 4.06 per dollar BRBY for the first time in over two weeks.
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