Tempest-tossed but floating

摘要

The enforced flotation of Brazil's currency was greeted with glee in its own markets and qualified approval elsewhere. The sanguine mood may not last. Slipping anchor in a storm brings a sense of relief at having averted immediate destruction. But, as Brazil is discovering, it brings new dangers. On January 15th, the government floated the currency, the real, and markets cheered. But the move has not ended economic uncertainty. Brazil faces a rough passage to financial safety. Just how rough, nobody knows.