Brazil's leftist President-elect Luiz Inacio Lula da Silva on Friday picked a trusted ally, former Sao Paulo Mayor Fernando Haddad, as his finance minister, ending days of speculation over a key appointment.
BRASILIA, Dec 9 - Brazil's leftist President-elect Luiz Inacio Lula da Silva on Friday picked a trusted ally, former Sao Paulo MayorLula is set to take office on Jan. 1 after narrowly defeating far-right incumbent Jair Bolsonaro in October.
"Markets fear that Haddad's administration could be marked by an expansion of public spending and an increase in the national debt," said Leonel Mattos, analyst at Stonex Market Intelligence. As the mayor of Brazil's largest city from 2013 to 2016, Haddad renegotiated its debt with the federal government, reducing it by about 50 billion reais.
Haddad's relationship with Lula grew closer during the 2018 presidential campaign, when he was the PT candidate after Lula was barred from the race by graft convictions that were later overturned.
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