In the words of the International Monetary Fund, the Brazilian economy is “underperforming relative to its potential, public debt is high and increasing, and, more importantly, medium-term growth prospects remain uninspiring.” If the fund’s predictions are correct, Brazil’s GDP will grow by only 1.8 percent, after numerous revisions. In 2019, the next president will inherit a country with little investment capacity (only 0.5 percent of the GDP) and a brutal fiscal crisis.
Yet, Brazil’s biggest banks seem to be cruising through the crisis.
The country’s top four banks on...
