Last week the minister complained about “false information” released after the meeting; new meeting will be attended by presidents of large banks and Febraban
BRASILIA – The Minister of Finance, Fernando Haddad, will welcome representatives of the financial sector again this Friday, the 14th, in Sao Paulo. The meeting comes after last week’s information leak worsened market sentiment. Haddad complained about it publicly “False information” had been spread shortly after the meeting with the money managersincluding the CEO of Santander Brasil, Mario Leão, who will be with the minister again this Friday.
Unlike last week, more representatives of large institutions will be present at the meeting. In addition to Leão, the presence of the president of the Brazilian Federation of Banks (Febraban), Isaac Sidney, is expected; the president of the board of directors of Febraban, Luiz Trabuco; the chairman of the board of directors of BTG Pactual, André Esteves; the CEO of Itaú, Milton Maluhy, and the CEO of Bradesco, Marcelo Noronha.
OR Station/Broadcast discovered that it was Haddad who called the bankers to the meeting, which will take place at 9.30 am at the Finance headquarters in Sao Paulo, with the participation of the department’s executive secretary, Dario Durigan, to discuss the “economic situation”.
Last week the meeting was much larger. In addition to Santander, representatives of fund managers participated. On the list were Barclays, Macquaire in Brazil, SPX Capital, Absolute Investimentos, Itaú Asset, Fourth Sail Capital, Apex Capital, Navi Capital, Bradesco Asset, Santander Asset, Compass Capital, Ibiuna Investimentos, Verde Asset and RPS Capital.
That day, after the negative reaction recorded by the market, Haddad wanted to speak to the press to complain about the leak of “false information”, assuring that, at the meeting, he had said he was willing to limit expenses. The information released, according to the minister, was that the limits of the fiscal framework could be modified. “There was nothing to indicate that the picture could be changed, it was exactly the opposite of what I said,” he said.
The episode occurred at a moment of greater fragility for the Treasury, criticized for the provisional measure restricting PIS/Cofins credits, which had its the main part returned by the President of the Senate, Rodrigo Pacheco (PSD-MG), this week. On Wednesday the 12th, the dollar closed the session at a stable level, above R$5.40. The currency began to fall this Thursday during the press interview of Haddad and Planning Minister Simone Tebet, who pledged to intensify the spending review agenda.
Source: Terra
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