Lula’s push to boost spending in Brazil rattles markets
By DIANE JEANTET and DAVID BILLER
Associated Press
RIO DE JANEIRO (AP) — Brazilian investors are showing concern over President-elect Luiz Inácio Lula da Silva’s promises to sustain a massive welfare program, increase the minimum wage and boost health and education spending. Da Silva’s transition team on Wednesday night presented Congress with an outline of a proposal to skirt a constitutionally imposed spending cap by creating a carve-out for welfare. At the climate talks in Egypt on Thursday, da Silva said he pays little heed to whether his plans to lead a socially responsible government might cause jittery speculators to sell off.
