Brasilia — Paulo Guedes joined the administration of Brazil’s Jair Bolsonaro in 2019 as a super minister with the mission to fix and run Latin America’s largest economy through an ambitious programme of privatisations, spending and tax cuts, and deregulation.

Two years later, it is his boss, who admittedly understands nothing about economy, who is calling the shots and moving away from Guedes’s market-friendly agenda...

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