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Brazil: Mess is the name of the game
Brazil: Mess is the name of the game
In the last few days, the Government's interventions in Petrobrás (a huge oil company - state controlled) and the indications that something similar should happen with the "electricity bill" has generated an important confusion in the market.
The stock index fell and a lot. Petrobras fell sharply. The Dollar went way up. The lay name for this state of affairs is mess.
The official signage generated is of institutional fragility, lack of strategy, untimely actions, disrespect for the governance and compliance criteria that officially characterize the statutes of companies controlled by the State.
But who cares? There are no interlocutors who can defend the legitimate interests of the controllers of these companies. An environment of arbitrariness is established. And who will pay the bill, as always, is the Brazilian people.
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