Brazilian President Michel Temer on Thursday announced a series of measures designed to “alleviate” the nation’s recession-hardened economy. The chief executive, however, provided few details and no overall timeframe. At a news conference, he told reporters the government was taking steps to reduce mortgage rates for home-owners and slash rates charged by credit card companies. He said the government would soon offer improved conditions for individuals and businesses with tax arrears to re-negotiate payment to the government, based on installments. He said the government was also ready to launch a plan that would cut processing times for both imports and exports by 40 percent, but offered no timetable for implementation of most of the measures. In one area, however, he said the government was ready to act immediately by dropping a fine levied on employers when they fire workers. Previously, the government levied a fine of 10 percent over severance packages. The 10 percent fine will be dropped.
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