June 4, 2019 / 6:41 PM / 16 days ago

Fiscal 'black hole' threatens to swallow Brazil up - economy minister

BRASILIA, June 4 (Reuters) - Brazil’s Economy Minister on Tuesday said the government will press ahead on a number of fronts, including pension and tax overhauls and widespread privatizations, to fill the fiscal “black hole” that is threatening to swallow the country up.

Addressing lower house lawmakers in Brasilia, Paulo Guedes warned that the Brazilian real could be substantially weaker if pension reform was not being debated. On top of social security reform, Guedes repeated the government’s pledge to cut and simplify taxes and accelerate a privatization process.

He also said Brazil could sign trade deals with Argentina and the European Union within three to four weeks. (Reporting by Marcela Ayres Writing by Jamie McGeever Editing by Rosalba O’Brien)

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