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The Real Cost of Brazil President Michel Temer’s Pension Reform Failure

By Rodrigo Zeidan, Fabio Giambiagi

Dogged by scandal, Temer spent his political capital on survival, leaving little for urgently needed reform.

The rules of the game of chicken are simple, and its stakes are high: two cars accelerate toward each other, and the first one to swerve loses. Do nothing, and both players end up in a fiery collision that threatens bystanders. Brazil’s executive and legislative are playing this game, without a failsafe. Brazilians could be the ones who suffer if the game ends in disaster.

Many countries face looming crises in this sector, but Brazil’s situation is unique: its combination of a...

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