Scissorhands: Brazil finance minister sacked

BRASMLIA: Under fire Brazilian President Dilma Rousseff replaced the finance minister dubbed “Scissorhands” for his swingeing spending cuts, after credit raters downgraded the country to junk status in an economic and political crisis. US-trained Joaquim Levy will be replaced by current Planning Minister Nelson Barbosa, a close ally of Rousseff seen as less free-marketeering in his approach, her office said in a statement. “The president is grateful for the dedication of Joaquim Levy, who played a fundamental role in tackling the economic crisis,” it said. Levy, 54, formerly worked at the International Monetary Fund and in Brazil earned the nickname “Scissorhands” for tough spending cuts in Latin America’s biggest economy. But the market-friendly politician failed to achieve his goal of rebalancing the public finances in a poor country with a big welfare spending bill.

Published in The Express Tribune, December 20^th, 2015.

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