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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Market

Brazil’s opposition tries to block bond sale for wealth fund

Posted on 30 December 2008

From Bloomberg: Brazil’s biggest opposition parties asked the Supreme Court to block a Treasury bond sale this month to finance a so-called sovereign wealth fund, saying issuance of the bonds would be unconstitutional.

President Luiz Inacio Lula da Silva bypassed the legal framework congress created for the fund, exceeding his authority, when he issued a decree allowing the sale, said Thiago Boverio, the lawyer representing the Democrats party in the dispute. Boverio said he and two lawyers for other parties filed the petition earlier today….. Full Article: Source


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