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Sovereign Wealth Funds Briefing - Categorized | Market

Brazil’s offshore oil: In deep waters

Posted on 04 February 2011

From Economist.com: The government plans to put its share of revenues in a sovereign-wealth fund, to prevent unwanted currency appreciation. Eventually the money will be spent for the good of future generations.
But many local politicians are already referring to the oil as a pot of gold at the bottom of the ocean—vast riches, capable of solving all Brazil’s ills, and theirs for the spending. Since the money they already take in taxes is plentiful and often wasted, there is no reason to think they would spend oil revenues any more effectively……………………………………….Full Article: Source


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