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Saturday, September 22, 2012

Brazil Finance Minister Guido Mantega Threatens Foreign Capital Tax: Daily Update | The Rio Times | Brazil News

Brazil Finance Minister Guido Mantega Threatens Foreign Capital Tax: Daily Update | The Rio Times | Brazil News

"RIO DE JANEIRO, BRAZIL – Finance Minister Guido Mantega has chided Western central banks over money-printing and other stimulus measures, and warned that Brazil could impose taxes on speculative foreign capital to avoid its currency strengthening. Mantega reiterated his stance that Brazil would take “all necessary steps,” including “those adopted in the past” to prevent Brazil’s real from appreciating unduly."

"Mantega said Brazil would win further foreign investment through global confidence in its economy – and said that despite the current slowdown in Brazil’s economy, 2013 would be see stronger growth of four percent or more."

"However, it was recently revealed that a forty-percent drop in foreign investments had hit Brazil earlier this year, wiping billions of dollars of the country’s main Bovespa stock exchange."

"Back in 2009, investors were taken aback when Brazil imposed taxes on some foreign investments, which it argued were speculative and harmful to the economy."

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