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Arminio Fraga

-year local currency bond yields of about 7 percent. Russia is now at 8 percent; the others are at or below 7 percent but still higher than advanced economies. Fiscal slippage Brazil is on the high end of the emerging market debt ratio range at 83 percent. Fiscal slippage began in the late ‘00s. The overall swing in the primary balance from surplus to deficit reached nearly 6 percentage points of GDP after the massive fiscal collapse of 2014. Since 2015 Brazil has run primary deficits. Unlike in advanced economies, where interest rates have been in negative