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BRASILIA, Nov 11 (Reuters) - Brazil’s former central bank chief Henrique Meirelles, seen as a possible replacement for Finance Minister Joaquim Levy, said on Wednesday that the government needs to continue with its fiscal adjustment program to overcome economic adversities.
Meirelles and Levy delivered speeches during a lunch with lawmakers and business leaders in Brasilia. Both insisted that fiscal austerity was crucial for Brazil to regain investors’ trust and for the economy to grow again.
Meirelles added the Brazilian economy is better prepared now than in the past to face headwinds.
Local media has reported that Meirelles, an orthodox economist widely praised by the market, could replace Levy as finance minister in coming months. (Reporting by Alonso Soto, writing by Walter Brandimarte; Editing by Chizu Nomiyama)