By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Under the "optimistic" scenario disclosed by the Independent Fiscal Institution (IFI), a division of Brazil's federal Senate, public accounts would only revert to black by 2024, while under the "baseline" scenario, this would only happen in 2026.

The "optimistic" scenario considers the assumption that the Legislature would approve 100 percent of the pension reform proposed by the government for the National Social Security Institute (INSS) rules and the salary incentive (excluding changes in the Continuing Benefit Conveyance).

The "baseline" scenario contemplates the approval of 80 percent of the projected impact . . .

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