MARCIO HOLLAND, FOR GOD'S SAKE, MAN. GET SERIOUS !

Brazil is about to be downgraded by Moody's mainly because of a clear deterioration in fiscal policy. It is not only that fiscal primary surplus is falling when it should be tightened to control inflation. The deterioration is institutional, with a dismantling of the framework sucessfully implemented in 2000.

Now, secretary Holland is saying there was no change in fiscal policy whatsoever. Jesus, Marcio, you got me upset. Why dont you listen to your boss at FGV, professor Nakano, who advocates a non-trivial fiscal adjustment to increase industry's competitiveness.

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