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Brazil government budget goes into the red

The Brazilian real, which has already lost 26.61 percent of its value against the dollar this year, hit a 12-year low, down 1.1 percent to 3.627 reais to the dollarBrasília (AFP) – Brazil’s government presented a 2016 budget Monday that for the first time projects the world’s seventh largest economy operating in the red, sparking worries that the country’s investment grade rating will be put at risk. Embattled President Dilma Rousseff’s government delivered the proposed budget to Congress predicting a primary deficit amounting to 0.5 percent of GDP, or 30.5 billion reais ($8.4 billion). This was the first time a Brazilian government has delivered a plan that would mean government spending outstripped receipts.

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