Invulnerable Brazil?
With Brazil failing to implement structural economic reforms, why haven't international financial markets punished the country? The reason is a steep reduction in foreign debt and a strong fiscal position, which have reduced Brazil's vulnerability to a world recession or a sharp decline in export prices.
https://prosyn.org/xEOaFDa
Two questions have dominated economic debate in Latin America in recent years. First, when will the current period of great international liquidity end? Second, what will happen when it does? We could also add a third, related, question: are Latin America’s governments preparing for that day? In the case of Brazil, the answer appears ambiguous, at least at first glance.