Brazil passes on standby credit renewal

The Brazilian government said yesterday that it will not renew a $14bn (€10.8bn) standby credit agreement with the International Monetary Fund, a decision that drew applause even from the opposition.

Finance Minister Antonio Palocci said Brazil has told the IMF it won’t renew the 2003 agreement, an extension of a 2002 accord signed when Brazil faced national elections and markets were in turbulence.