01 August 2011

BRASIL: Banks Suffering From Souring Credit Binge.

                             BLOOMBERG/ Long Read/ M.Patterson


    Investors Losing Confidence In BRIC banks.
    Brasil's banks have raised borrowing costs to 46%...up from 41% in December...as consumer defaults hit a 12-month high in June...as they seem "overstretched".
    One economist predicts that "a retrenchment may drag down Brasil’s economic growth rate to 2.5% in 2013, from 7.6% last year."