A Tale of Two Crashes, Part 1
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A Tale of Two Crashes, Part 1
Written by Jeff Nielson (CLICK FOR ORIGINAL)
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South America
5,525 Companies Went Bankrupt In Brazil Last Year: "It's A Legitimate Credit Crisis"
Well another day, another horrible piece of economic data out of Brazil.
Core retail sales in South America’s most important economy slid 2.7% M/M in December, erasing a meager gain the country eked out in November when the numbers got a boost from promotions.
Broad retail sales, meanwhile, declined 0.9% marking the eleventh decline in thirteen months. They’re now off more than 16% since peaking in August of 2012.