Support for Fernando Haddad, the presidential candidate of Brazil’s Workers’ Party, has risen over the past week and recent comments suggest that he is trying to distance himself from the party’s left-wing platform. That said, regardless of who wins next month’s election, the prospects for major fiscal reform look slim. Meanwhile, a larger IMF deal for Argentina – which was mooted this week – would alleviate near-term default risks, but implementation of more stringent IMF conditions would be challenging.
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