BRAZIL-"There won't be any subsidies in 2016"

Yes, there will!

The press reported today that the administration plans to grant low-interest rate loans to specific sectors of the economy (friends, perhaps?). This directly contradicts a statement by Finance Minister Nelson Barbosa that the government will not consider granting subsidies during the “fiscal adjustment” program. 

Nelson probably should have checked with his boss before making public statements!

It was also reported that the number of formal requests for financial “workouts” (i.e. Chapter 11 equivalent) in 2015 was a record. So, it looks like “big bucks” will be required if a subsidy program is enacted.

Here we go again! You still believe those official forecasts for 2016??