I think it's likely for the time being that Brazil is going to try to move forward as it says it will on its fiscal program,

The likely consequence could be very messy elections at a time when the country is most fragile, ... The instincts to print money and spend in order to get the voters' favor will be infinitely increased, and the chances of hyperinflation would go up that much faster.

The likely consequence could be very messy elections at a time when the country is most fragile. The instincts to print money and spend in order to get the voters' favor will be infinitely increased, and the chances of hyperinflation would go up that much faster.

This is the first time in a long time that Brazil has been able to put together so many favorable conditions for growth. And that fact is due to the economic policies that have been in effect over the last three years.

It's not like I came over on some Brazil model truck and now that it's the Belgians' time, I am going to go back home.

I did not feel it was the time to make big bets, and kept to low-beta stocks in Brazil.