Brazilian Top Unions Blast Copom for Not Cutting Interest Rates

Brazil’s two biggest labor unions  in a note signed by their presidents,  have criticized the decision by Brazil’s Monetary Policy Committee (Copom) to leave the country’s basic interest rate (Selic) at 19.75% per year.

The unions are CUT (Central íšnica dos Trabalhadores – Unified Workers’s Central) and Força Sindical (Union Force) and their heads are Luiz Marinho and Paulo Pereira da Silva, respectively.


According to CUT, the only thing worse than leaving the interest rate where it is would be raising it.


“Brazil needs a positive agenda. Lower interest rates would be something in that direction. We demand a change in economic policy that would begin with lower interest rates, followed by more realistic inflation and primary surplus targets.


“The country needs more investments in social programs, infrastructure; production needs a boost,” said the CUT note.


“And this decision has an aggravating aspect: it occurs at a moment of political turbulence. This is an opportune moment for us to express our strong opposition to corruption. We insist on the guilty being punished,” said the note in reference to the corruption scandal involving civil servants, the PT and congressmen.


Meanwhile, the Força Sindical, in its own note, called the Copom decision “highly harmful to the country.”


And continues: “This measure shows clearly that the government’s economic team, consisting of insensitive technocrats, continues to favor speculators, leaving production and the creation of jobs in a distant second place.”


ABr

Tags:

You May Also Like

Volkswagen Saveiro, one of the cars to get the new Crow Telecom

All Brazilian Volkswagens to Come with 24-Hour Monitoring System

A new device to be installed in all passenger vehicles manufactured in Brazil by ...

Reasons of October

Lula came to power because the Brazilian Right lost its capacity to deceive the ...

Brazil Recalling Unlabeled Transgenics

Brazil’s Ministry of Justice ordered the impounding of genetically modified products that don’t carry ...

Lula: ‘Brazil Is More Than Carnaval and Street Kids’

President Luiz Inácio Lula da Silva says that there will be money for infrastructure ...

Brazil’s Agribusiness Exports to Arabs Increase 27%

Brazil's agribusiness exports to the Arab countries totaled US$ 1.234 billion in the first ...

Brazil's Amazon Secrets

Brazil’s Cosmetic Industry to Get US$ 4.4 Million in Italian Deals

Close to 20 companies from Brazil exhibiting at Cosmoprof Bologna, in Italy, between Mach ...

Brazil: Threats and Altercation Inside Rousseff Administration’s Coalition

The vice president of Brazil, Michel Temer, admitted publicly “differences” inside the administration of ...

Brazil Transfers 342 Oil Exploratory Blocs to Private Hands

Since 1999, when Brazil’s National Petroleum, Natural Gas, and Biofuel Agency (ANP) held the ...

Thanks to Sugar and Beef Brazilian Exports to Arabs Up 25%

Agribusiness exports from Brazil to the Arab nations generated US$ 1.526 billion in the ...