Brazil’s central bank has announced it will lend $20 billion to businesses in order to pay international debt as the Brazil economy starts to feel the pain of the global economic slowdown according to Bloomberg.
Standard & Poor’s estimates that Brazilian companies have as much as $61.6 billion in foreign debt due in early 2009 and as much as $44.9 billion due in less than a year.
While the Brazil economy has weathered the global economic slowdown fairly well, Brazil economic activity fell 4.5 percent in December and has started to concern the Brazil government as it tries to hit its growth targets for the Brazil economy.
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