Brazil’s President Dilma Rousseff has replaced her finance minister as Latin America’s largest economy struggles to recover from recession. Joaquim Levy has decided to leave after disagreements with the president and the governing Worker’s Party over his austerity policies.
He is being replaced by a close ally of Ms Rousseff, the current Planning Minister Nelson Barbosa. Brazil is facing its worst recession in 25 years. In a statement, Mr Levy said he remained confident that the economy could recover in 2016. “Time will show that we will reap the results of all that has been done this year, putting the Brazilian economy back on track,” he wrote (BBC News, 2015).