Brazil unveiled a spending freeze on Friday, limiting outlays to about 70 billion reais ($23 billion) in a bid to convince investors that President Dilma Rousseff is committed to saving the nation's investment-grade rating, Reuters reported. To strengthen the impact of the announcement, Rousseff earlier on Friday also ordered an income tax increase for banks, a clear sign that her government is ready to push ahead with austerity despite stiff political opposition. The administration will block 69.9 billion reais in mostly discretionary spending, meeting market expectations in what is the largest annual budget freeze since Rousseff took office in 2011. -- SPA 23:26 LOCAL TIME 20:26 GMT تغريد
