World
World Bank Says Brazil Gives Too Much Stuff Away
Forbes
- Brazil has too many bank subsidies and because of this, the country is not competitive enough. So says the World Bank, an institutional that is ironically led by countries with near zero interest rates and some of the biggest farm subsidies in the world. Nevertheless, the World Bank’s analysts took Brazil to task on Monday for its lending incentive programs at the big state banks and BNDES, the country’s development bank which is so big, its loan portfolio dwarfs that of its new, largest critic in Geneva. According to the World Bank, subsidized loans from BNDES in particular, coupled with tax incentives for major industry, hindered the country’s integration “into the global economy” and “created ...
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