Clear, as always - no mean feat in today's Brazil - and reasonably balanced.  But it is not just the "business community" that wants pension reform.  Brazil's pension system is ludicrously unsustainable, the result of decades of vote-buying by politicians who knew they wouldn't be around when the system collapsed.  Brazil spends as much of its GDP on pensions as Japan, a country three times richer per capita and with the oldest population in the world.  The system also encourages one of Brazil's greatest economic weaknesses, a savings rate of a pitiable 16%.

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