President Michel Temer had been hoping to push through the downsizing of the generous pension system in the coming days. However, the government has failed to win enough support in Congress, where lawmakers will have to face voters in an October general election. CPEC to attract more foreign investors: Brazil envoyThat made the pension vote impossible because changing the system would require a constitutional amendment and such amendments are not legally allowed while a military intervention is underway. But analysts say that the timing of the military intervention indicates Temer was looking for a way to save face and avoid embarrassing defeat in Congress. However, the idea of cutting benefits and delaying early retirement was deeply unpopular with voters, although welcomed by financial markets.

Source: The Express Tribune February 20, 2018 22:30 UTC