Brazil's Temer vows to face down opposition on labor, social security reforms

Brazil's interim President Michel Temer said Tuesday that he will face "all resistance" to his government's reforms of labor laws and social security.

"Even if we face opposing demonstrations, which are part of democracy, we will face them," said Temer at a business event.

Temer made the remarks at a meeting with businessmen from the northeast of the country at the presidential palace in Brasilia.

Robson Braga, president of Brazil's National Industry Federation, said the president had discussed labor and social security reforms. However, he warned that Temer would have to convince a range of interests and social groups of the validity of the reforms in order to see them pass through Congress.

In order to cap government spending, Temer is seeking a raft of reforms, which are proving unpopular with the left, including cutting social security payouts and making it easier for companies to hire and fire staff members.

Furthermore, Temer has asked all his ministries to present a list of government assets that could be privatized or tendered out to the private sector to fill up state coffers.

On Tuesday, the government was buoyed by the news that the International Monetary Fund (IMF) has adjusted its economic forecast for Brazil from a gross domestic production (GDP) contraction of 3.8 percent to 3.3 percent this year. Endi