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

February 27, 2018

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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