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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The governor of Minas Gerais, Fernando Pimentel, declared a state of ‘financial calamity’ this week, claiming the state registers a deficit of R$8 billion due to the continuing increase in expenditures and a steep decrease in revenues. Minas Gerais is the third state in Brazil to announce ‘financial calamity’ since June.

“The decree will allow us to effectively avoid a collapse of public services in the state,” said Pimentel in a press conference on Tuesday. “The situation is very difficult in Brazil. We are working and we will use . . .

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