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SAO PAULO, Aug 14 (Reuters) - Finance Minister Joaquim Levy on Friday said that this year's austerity measures are not the cause of Brazil's painful downturn and that more needs to be done to rebalance government accounts.
"The fiscal adjustment was more like an inflection point rather than an extraordinary tightening," Levy said in a speech to business leaders in Sao Paulo.
Asked by audience members whether the short-term fiscal adjustment process was over, Levy said that more work needed to be done, both by cutting expenditures and eventually by raising government revenues. (Reporting by Walter Brandimarte Editing by W Simon)