Brazil’s new economy minister vows to slash spending, reform pensions

BRASILIA (Reuters) – Brazil’s new Economy Minister Paulo Guedes vowed on Wednesday that he would slash the government’s outsize role in the economy, cut taxes, carry out privatizations and tame what he said was excessive government spending.

Guedes, a University of Chicago-trained economist and investment banker, said pension reform was the most pressing issue facing Brazil. If it could not pass Congress, he said his team would work to slash now-obligatory government spending to shore up the public deficit.

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