Since January, the Brazilian real has lost 15% of its value against the dollar as left-wing President Luiz Inácio Lula da Silva (“Lula”) publicly resists public-spending cuts proposed by his own cabinet. Now, in the wake of a 15-billion-reais spending freeze unveiled by Finance Minister Fernando Haddad, we bring together Mario Lima, Medley Advisors’ Brazil analyst; Fernando Posadas, head of Latin America; and Ignacio Labaqui, regional analyst, to discuss what happens next.    Has Haddad tamed Lula? Will the currency and Brazilian assets recover? Will the central bank (Bacen) be forced to extend the pause in its easing cycle?

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