Brazilian states: Growing pension liabilities are a fiscal challenge by Francisco Vazquez-Ahued, Alejandro Olivo and David Rubinoff published by Moody’s Investors Service (11/2014). “Brazillian state governments face a growing financial burden from employee pension. Pensions are unlikely to weigh on state credit quality over the short term, but could become a negative credit factor within a decade for the states with the highest burden. Reforms enacted so far will take time to yield results. Easing pressures on state budgets will require involvemente from the federal government.”
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