Brazil markets sink on fears social aid to break fiscal rule

Bloomberg

Brazilian assets tumbled on Tuesday, leading losses across the globe, on reports the government will breach the country’s spending cap rule to finance a new social program, hurting the fiscal position of Latin America’s largest economy.
The new aid program to the poorest, dubbed Auxilio Brasil, will give handouts of as much as 400 reais ($72) per individual, according to people with knowledge of the matter.