Brazil Announces Austerity Plan to Aid Economy

The Brazilian government announced an austerity plan to shore up its economy. The plan seeks to transform the country's primary deficit, equivalent to 0.5% of 2016 GDP, into a 0.7% surplus. Measures include a US$17 billion cut in spending, although not in social services, delays in wage adjustment and hiring in the public sector, and a reduction in the government apparatus. teleSUR