SÃO PAULO — Joaquim Levy stepped down as Brazil’s finance minister on Friday evening, ending months of speculation over his role. He was replaced by former planning minister Nelson Barbosa, who is seen as closer to leftist President Dilma Rousseff.
Levy was a proponent of tough fiscal measures which he backed to lift Brazil out of the worst recession it has experienced in 25 years.
His appointment and fiscal adjustment plans had been warmly welcomed by the markets, and was widely seen as an attempt by the government to draw greater confidence in the Brazilian economy from investors.
Ben Tavener 