It is been widely discussed lately that Brazil’s economic growth is largely being fueled by the credit markets. A recently released research APAS (Associacao Paulista de Supermercados) “shows that 53 percent of all Brazilian families are spending more than they earn. Similar research by the Household Budget Survey (conducted by the Brazilian Institute of Geography and Statistics) revealed that 75 percent of Brazilian households find it difficult to pay their bills and don’t have enough money to reach the end of the month.”
And still many brazilian friends of mine claim that there is no credit bubble in Brazil… yeah, right.
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