Brazil’s institutional crisis took a turn for the worse this week, and points to an environment in which fiscal risks will grow and the economic reform agenda will be put on the backburner. Elsewhere, a proposed fourth pension withdrawal bill in Chile would turbocharge the economic recovery, but adds to reasons to expect aggressive monetary tightening and presents longer-term public debt risks. Finally, while the IMF’s SDR allocation has given policymakers in Argentina some breathing space, they appear no closer to securing a new deal with the Fund.
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