Brazilian President Michel Temer on Tuesday formally withdrew from the nation’s 2018 presidential race, endorsing former Finance Minister Henrique Meirelles for the job. Temer called Meirelles “the best of the best,” saying the ex-minister, if elected, will continue efforts to modernize Brazil’s economy. Meirelles served for two years as Finance Minister, confronting a deep fiscal crisis and helping pull down inflation, which now stands at less than 3%. But a nascent economic recovery recently faltered, undermining Meirelles chances in the October election. He has failed to rise beyond single digits in public opinion polls. Meirelles will likely be nominated formally by Temer’s party, the Brazilian Democratic Movement (MDB), in June.
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