Austerity could help flexibilisation

Brazil has imposed new economic austerity measures to control its trade deficit and stabilize its currency. The belt-tightening program comes in the wake of the government's plan to open up the oil industry to foreign investors. Under the new Oil Flexibilisation Law, the national petroleum agency ANP, will have sole responsibility for regulating the industry. Among its duties are implementing Brazil's energy policy and determining which upstream assets of Petrobas' should be sold.
No sooner had the Brazilian government launched its plans to open up its oil sector to domestic private and foreign investment than it became necessary to introduce an economic austerity [...]