In Chile a countercyclical Budget for 2015 that fits into the fiscal rule was sent to Congress yesterday

Summary

The budget sent to Congress foresees a major expansion of public investment by 2015 and less dependence on current expenditure. Convergence to structural balance would be postponed to 2016. Tepid recovery in industry in Brazil, which reverts part of the accumulated losses in the first half of the year; in line with a slight increase in GDP in 3Q14. Also in Brazil this Sunday we will be watching the elections; recent polls show the current president as the clear favorite to win the first round.

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