Guedes Says Economic Mistakes Could Turn Brazil into Venezuela Quickly

Minister says he will leave office if he is forced to push Brazil the wrong way


After President Jair Bolsonaro’s recent actions were interpreted as interventionist in state-owned companies, Minister Paulo Guedes (Economy) stated that Brazil could quickly become an Argentina or Venezuela if it continues to increase its debted and make bad economic policy decisions.

"To become Argentina, six months; to become Venezuela, a year and a half. If you do it wrong, you go fast. Now, do you want to become Germany, the United States? [It takes] ten, fifteen years in the other direction," he said.

FILE PHOTO: Brazil's Economy Minister Paulo Guedes reacts before a ceremony at the Planalto Palace in Brasilia, Brazil January 12, 2021. REUTERS/Adriano Machado/File Photo - REUTERS

Guedes made the statement during a conversation recorded on Friday (26) that aired this Tuesday (2) on the Primocast podcast.

About ten days ago Bolsonaro criticized Petrobras' current management and appointed General Joaquim Silva e Luna as President of the company in place of Roberto Castello Branco. He also stated that he would "stick his finger" in the electric power, and previously he was irritated by the management of Banco do Brasil - the president of the institution has already signaled that he wanted to leave the position to avoid burnout.

In the conversation, Guedes defended the control of national debted, counterparts for emergency aid and the execution of the liberal agenda - saying that it will open a path of prosperity for the country.

Translated by Kiratiana Freelon

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