Standard & Poor’s, the international rating agency, cut Brazil to one notch above junk on Monday evening, adding to a chorus of complaints from many in the investment community, not to mention ordinary Brazilians, that the country’s once-promising growth story is currently shot to pieces.
No prizes for guessing how that went down in Brasília. As if to remove any doubt, the finance ministry put out a strongly-worded statement, rubbishing S&P’s decision point by point. But the ministry hasn’t done itself any favours. Continue reading »