Brazilian President Dilma Rousseff Vetoes Bailout Plan For Country's Football Clubs

Brazilian President Dilma Rousseff "vetoed a plan to help bail out indebted" football clubs, according to Francisco Marcelino of BLOOMBERG. Rousseff "refused to sign the aid package into law" on Monday night because it did not include "steps to ensure that the teams improve budget oversight and management." The law, which passed in Congress last month, "would have reduced fines and interest rates" on about 4B reais ($1.5B) in back taxes and allowed the teams "to repay the debt over 20 years." A least 17 of the 20 teams in the nation’s top division "struggled to pay player salaries last year." Five of the teams, including former FIFA Club World Club champion Sao Paulo and Santos, "ended the season without major sponsors on their shirts." Rousseff: "The government will immediately begin talks to find an alternative in the short term to modernize soccer in Brazil" (BLOOMBERG, 1/20).