Friday, December 18, 2015
President Dilma Rousseff on Friday replaced Finance Minister Joaquim Levy, a fiscal conservative appointed just over a year ago, with a close ally, Planning Minister Nelson Barbosa, the Brazilian leader's office said in a statement. The swap comes amid Brazil's worst recession in 25 years, as a mushrooming corruption scandal and political crisis continue to hamper recovery efforts. Nicknamed "Scissorhands," Levy championed a raft of belt-tightening measures, but few of his proposals made it through Congress. He clashed frequently and publicly with Rousseff, prompting rumors of his impending resignation going back months.