26.07.2013 - Brazil's real economic crisis lies in its overvalued currency
Soaring value of the real has badly hits exports and without growth, neither the Olympics nor the pope can help. As Pope Francis pushed his way through the crowds in Rio de Janeiro's shantytowns on Thursday, his message that next year's World Cup and the 2016 Olympics would provide jobs and alleviate poverty was greeted with some scepticism. Brazil is facing hard times. While major sporting events hold out the prospect of a short-term boost to growth and prosperity, they can only disguise a problem that has loomed for some time: that a high currency kills the trade in price-sensitive goods...............................................Full Article: Source
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