RIO DE JANEIRO, BRAZIL - Investor confidence in the Brazilian government’s economic agenda is plummeting, making the real (R$) one of the worst performing currencies against the U.S. dollar in the world this year, behind only the Libyan dinar and Sudanese pound.
Those two currencies have the excuse of massive one-off devaluations. Not so for the real, which is bearing the brunt of market anxiety that Brazil’s deteriorating growth, inflation and fiscal dynamics may soon spiral beyond repair.
The Central Bank has spent US$5 billion in under a week trying to meet the demand for hard . . .
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