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RIO – The former Central Bank President, Arminio Fraga, said "have pity" on the fiscal situation that will be inherited by the future president of the institution, Roberto Neto Campos. Fraga, who participates this afternoon in an event marking the launch of the collection "História Contada do Banco Central", with the depositions of the former directors of the institution. "My situation was much better than yours," he said, who took over in 1999, shortly after a peak badessment ending the Real Plan's anchor exchange system.
He took stock of the situation he had found at the time in British Columbia. The fiscal adjustment of about 4% of gross domestic product (GDP), he said, was on track and gains could be made in case of dispersion of inflation expectations and 's gross domestic product (GDP) contraction perspective of 4% [19659002] Today, said Arminio, what to do, is the fiscal adjustment. "That's the problem," he says. "No central bank can withstand a fiscal situation like ours." For him, the situation is very serious. "The federal government has enough legs and states are broken," he said.
"The social protection situation is worsening at a rather frightening pace and needs to be dealt with in a striking way," recalls Arminio. "A pension reform will be more or less a rain of cold water."
In his speech, Arminio once again spoke directly to the future president of British Columbia, remembering that he was present at the event celebrating the centenary of Roberto Campos' birth.
"The BC alone does not solve," he said. "The environment is difficult, with the Congress pulverized, the political world polarized, I really wish a lot of luck," he said, addressing again Roberto Campos Neto, present in the Audience
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