- In the last few years, Brazil has seen a crowding-in of the private sector. In the financial system, government-controlled banks had the largest share of loans, but that percentage has dropped in recent years, and the private sector has moved in. We think this is one of the most important barometers of market change.Oil giant Petrobras has been selling non-core assets, and after paying down tens of billions of inherited debt, became the world’s largest dividend payer. An oil-industry creation has been replacing a de-facto monopoly. READ MORE
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