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Brazilian Economy Remains Highly Unbalanced: Economist

Wednesday, 30 May 2012 | 4:30 AM ET

Neil Shearing, economist at Capital Economics, told CNBC, "We are already in bubble territory particularly in the housing market it is wildly overvalued, the banks are becoming more reluctant to lend, even though the central bank is cutting interest rates banks are becoming increasingly reluctant to lend."