BRASILIA, Brazil (AP) -- Brazil's government is offering tax breaks and business credit lines of up to $8.7 billion annually to buffer Latin America's largest economy from the global meltdown.
Central Bank President Henrique Meirelles says Brazil will loan up to $4.3 billion of its $207 billion in foreign reserves to banks, which would loan money to Brazilian companies struggling to pay dollar-denominated debt.
Officials announced the measures Thursday after Brazilian business executives met with President Luiz Inacio Lula da Silva to complain about high taxes and frozen credit.
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