Temer warns Brazil could go broke without reforms

BRASILIA: Brazilian President Michel Temer warned on Friday that without the unpopular austerity measures he is pushing through to cut public spending and balance the budget, the government will become insolvent.

"There is no more room for witchcraft, printing money, cosmetic accounting or price controls," Temer said in a speech to armed forces generals.

"If we do not do the reforms, the state will go broke, and we sill be stuck in a quagmire of fiscal irresponsibility."