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Brazil acting president Temer names Cabinet on Rousseff exit

Brazil acting president Temer names Cabinet on Rousseff exitBrazils acting President Michel Temer moved swiftly to form a cabinet his first day on the job, pledging to improve investment conditions and protect welfare programs in a bid to pull Latin Americas largest economy out of a crushing recession.

Temer on Thursday named as his finance minister Henrique Meirelles, a former Wall Street banker and central bank chief renowned for taming inflation. Meirelles is scheduled to speak to reporters Friday about his plans for the job. The appointment is part of a strategy to revive investor confidence in an economy battered by surging consumer prices, a near-record budget deficit and double-digit unemployment.

"Our biggest challenge is to stop the free-fall in economic activity," Temer said during his first public speech after taking the top job. "To achieve that, its essential we rebuild the Brazilian economys fundamentals."

The 75 year-old constitutional lawyer and career politician was speaking at a ceremony to appoint members of his administration, including Romero Juca of his own party, who will run the Planning and Budget Ministry. He hasnt said publicly whether he will name a central bank president to replace the institutions current chief, Alexandre Tombini.

Source: Bloomberg
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