{"id":31995,"date":"2026-10-26T09:43:32","date_gmt":"2026-10-26T12:43:32","guid":{"rendered":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=31995"},"modified":"2026-10-26T09:43:32","modified_gmt":"2026-10-26T12:43:32","slug":"por-que-lula-no-podra-usar-la-motosierra-que-necesita-brasil-segun-un-economista-cercano-a-milei","status":"publish","type":"post","link":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=31995","title":{"rendered":"Por qu\u00e9 Lula no podr\u00e1 usar la motosierra que necesita Brasil, seg\u00fan un economista cercano a Milei"},"content":{"rendered":"<div class=\"ai-tools\"><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-listen\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M14.99 9.22417C14.89 8.65466 14.5799 8.25501 14.0497 8.0352C14.0096 8.01522 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fill=\"#e46211\"><\/path><path d=\"M5.08646 8.4948C5.04645 8.18507 4.74634 7.98525 4.45623 8.06518C4.21615 8.13512 4.0761 8.32495 4.0761 8.60471C4.0761 9.40401 4.0761 10.2133 4.0761 11.0126C4.0761 11.8119 4.0761 12.6312 4.0761 13.4505C4.0761 13.8401 4.44623 14.0899 4.78635 13.9401C5.03644 13.8301 5.10647 13.6203 5.10647 13.3606C5.10647 11.8019 5.10647 10.2333 5.10647 8.67464C5.10647 8.6147 5.10647 8.55475 5.09646 8.4948H5.08646Z\" fill=\"#e46211\"><\/path><path d=\"M11.2587 8.08516C11.0386 8.16509 10.9185 8.36492 10.9185 8.66465C10.9185 10.2333 10.9185 11.8119 10.9185 13.3805C10.9185 13.4405 10.9185 13.4904 10.9285 13.5504C10.9586 13.7902 11.1686 13.98 11.4087 13.99C11.7188 14 11.9489 13.7802 11.9489 13.4405C11.9489 12.6412 11.9489 11.8319 11.9489 11.0326V10.1933C11.9489 9.65379 11.9489 9.10427 11.9489 8.56474C11.9489 8.19506 11.5888 7.95527 11.2587 8.08516Z\" fill=\"#e46211\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Escuchar<\/span><\/button><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-keypoints\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M5.99679 1H12.4609C13.0887 1 13.6 1.52731 13.6 2.17489V13.8251C13.6 14.4727 13.0887 15 12.4609 15H3.53913C2.91126 15 2.39999 14.4727 2.39999 13.8251V9.19802V4.57092L5.99679 1Z\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M2.39999 5.38502H6.94416V3.94555V1\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M10.491 12.2L5.50657 12.2C5.32834 12.2 5.2037 11.8667 5.20008 11.517C5.19587 11.1484 5.32111 10.8 5.50657 10.8L10.4813 10.8C10.6632 10.8 10.795 11.105 10.7998 11.4804C10.8047 11.8341 10.6842 12.2 10.491 12.2Z\" fill=\"#e46211\"><\/path><path d=\"M10.491 9.4L5.50657 9.4C5.32834 9.4 5.2037 9.0666 5.20008 8.71694C5.19587 8.34831 5.32111 8 5.50657 8L10.4813 8C10.6632 8 10.795 8.30494 10.7998 8.68035C10.8047 9.03408 10.6842 9.4 10.491 9.4Z\" fill=\"#e46211\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Puntos clave<\/span><\/button><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-summary\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M10.1798 2.50989H2.00488C1.45082 2.50989 0.999667 2.97515 0.999667 3.54653V13.8259C0.999667 14.3973 1.45082 14.8626 2.00488 14.8626H9.87772C10.4318 14.8626 10.8829 14.3973 10.8829 13.8259V9.74329V8.13118\" stroke=\"#e46211\" stroke-width=\"1.5\" stroke-miterlimit=\"10\"><\/path><path d=\"M10.1892 0.937134C10.6648 0.938475 11.1562 1.16366 11.4167 1.62561C11.55 1.86167 11.6275 2.09395 11.6863 2.31506C11.7155 2.42487 11.7409 2.53449 11.7654 2.63831C11.7901 2.74317 11.8143 2.84342 11.8425 2.94202C11.9524 3.32501 12.1244 3.68637 12.6199 4.0387C12.813 4.1759 13.0533 4.26585 13.323 4.34534C13.5791 4.42077 13.8884 4.49238 14.1492 4.58362C14.4177 4.6776 14.6844 4.80688 14.8826 5.02698C15.086 5.25292 15.1994 5.55472 15.2 5.95667C15.2005 6.36975 15.0629 6.67221 14.8289 6.89612C14.6041 7.11103 14.3039 7.24024 14.0056 7.34241C13.8552 7.39392 13.6973 7.44108 13.5447 7.48792C13.3904 7.53527 13.2391 7.5828 13.0935 7.63733C12.801 7.74696 12.5446 7.87952 12.3503 8.07385C12.0286 8.39622 11.9022 8.69439 11.8142 9.0094C11.7284 9.31674 11.669 9.70188 11.4919 10.0973C11.021 11.1507 9.52066 11.2437 8.96753 10.2555L8.91675 10.1569C8.78168 9.86581 8.70167 9.59099 8.63452 9.34045C8.56606 9.08502 8.51334 8.86637 8.43335 8.65979C8.3555 8.45883 8.25391 8.27717 8.09253 8.10901C7.93025 7.94001 7.69993 7.776 7.35522 7.62073H7.35425C7.21051 7.55596 7.0298 7.5073 6.82104 7.45471C6.61857 7.40371 6.39051 7.3487 6.17847 7.27405C5.75409 7.12455 5.32309 6.86818 5.22729 6.30334C5.147 5.82785 5.20205 5.46325 5.37769 5.1842C5.55162 4.90818 5.8236 4.74853 6.1062 4.63733C6.38303 4.52841 6.70997 4.45202 6.99292 4.36975C7.28806 4.28393 7.55375 4.18824 7.76538 4.03772L7.93726 3.90491C8.30541 3.59437 8.45094 3.27848 8.54761 2.94592C8.60838 2.73677 8.64117 2.55614 8.70288 2.32092C8.76088 2.09995 8.83661 1.86635 8.96655 1.62756L9.073 1.4635C9.34447 1.10658 9.7727 0.936014 10.1892 0.937134ZM10.1785 3.151C9.91182 3.94374 9.55711 4.56476 9.04956 5.04163C8.6241 5.44134 8.10162 5.72923 7.45972 5.93909C8.77264 6.36001 9.87121 7.38936 10.2097 8.74377C10.4707 7.9695 10.8197 7.33816 11.3201 6.85217C11.7453 6.43925 12.271 6.142 12.9216 5.94495C11.6239 5.4965 10.5274 4.50683 10.1785 3.151Z\" fill=\"#e46211\" stroke=\"var(--gray-10)\" stroke-width=\"0.4\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Resumen<\/span><\/button><\/div>\n<div class=\"visual__image image-initial-width\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=992&amp;height=558&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=768&amp;height=432&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=577&amp;height=325&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=420&amp;height=236&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=350&amp;height=197&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"milei y lula da silva\" class=\"global-image\" decoding=\"async\" fetchpriority=\"high\" height=\"1080\" loading=\"eager\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/EOERHHIJYBD2LK6EUOF6NXBZ2Q.jpg?auth=b9a50f97e4329d23268ec33a0e87d45f3e9a894308f52388cc12038bcfc13efc&amp;smart=true&amp;width=350&amp;height=197&amp;quality=85\" width=\"1920\"><\/picture><\/div>\n<div class=\"sharebar-container display_flex sharebar-new\" style=\"opacity:1\">\n<div class=\"share-bar-article-date-container \"><span class=\"sharebar-article-date\">26 Oct, 2026 08:10 a. m. EST<\/span><\/div>\n<div class=\"sharebar-buttons-container display_flex\">\n<div aria-label=\"Guardar\" class=\"sharebar-buttons button-save\" role=\"button\" tabindex=\"0\"><svg width=\"9\" height=\"12\" viewbox=\"0 0 8 10\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"saved-icon saved\"><path d=\"M6.64286 0.5V9.31687L4.1116 7.16407L4.11106 7.16361C3.79894 6.89891 3.34392 6.89891 3.03179 7.16361L3.03126 7.16407L0.5 9.31687V0.5H6.64286Z\"><\/path><\/svg><span class=\"buttons-save-text\">Guardar<\/span><\/div>\n<div class=\"sharebar-buttons-separator\"><\/div>\n<p><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Telegram\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M24.9696 12.5511L10.3405 18.0494C10.0623 18.151 9.92701 18.4484 10.0398 18.7168C10.0999 18.8619 10.2277 18.9779 10.3856 19.0214L14.1068 20.0805L15.4975 24.3312C15.6028 24.6576 15.9636 24.839 16.2944 24.7374C16.3921 24.7084 16.4823 24.6504 16.5575 24.5778L18.482 22.6846L22.2558 25.354C22.6091 25.6006 23.0977 25.5281 23.3533 25.1872C23.421 25.1001 23.4661 24.9986 23.4887 24.897L25.9845 13.3707C26.0672 12.979 25.8116 12.5946 25.4056 12.5148C25.2628 12.4858 25.1124 12.5003 24.9771 12.5511M23.1429 15.1116L16.347 20.9147C16.2793 20.9727 16.2342 21.0525 16.2267 21.1395L15.9636 23.381C15.9636 23.4172 15.926 23.4462 15.8884 23.439C15.8583 23.439 15.8358 23.4172 15.8283 23.3955L14.7533 20.0442C14.7007 19.8919 14.7683 19.7251 14.9111 19.638L22.9399 14.836C23.0226 14.7852 23.1353 14.8142 23.1804 14.894C23.2255 14.9666 23.2105 15.0536 23.1504 15.1116\" fill=\"#555555\"><\/path><\/svg><\/button><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Linkedin\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 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11.8465 11.8055 11.0041 12.787 11.0041C12.8426 11.0041 12.8982 11.0041 12.9537 11.0041C13.9445 10.9363 14.7963 11.7206 14.8611 12.7567C14.8611 12.7954 14.8611 12.8438 14.8611 12.8825C14.8426 13.9283 14.0278 14.761 13.0278 14.7416C12.9907 14.7416 12.9537 14.7416 12.9259 14.7416H12.9074C11.9259 14.8191 11.0741 14.0445 11 13.0181C11 12.9697 11 12.931 11 12.8825H11.0093Z\" fill=\"#555555\"><\/path><\/svg><\/button><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Twitter\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M11.0391 11L17.2165 19.8249L11 27H12.399L17.8415 20.7182L22.2389 27H27L20.475 17.6786L26.2613 11H24.8623L19.85 16.7855L15.8001 11H11.0391ZM13.0965 12.101H15.2838L24.9423 25.8987H22.7551L13.0965 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15.0383 17.6243C15.1805 18.3619 15.5983 18.9663 16.0426 19.5618C16.887 20.6638 17.8646 21.6237 19.1622 22.1925C19.7932 22.4769 20.4331 22.7613 21.1441 22.7613C21.2685 22.7613 21.393 22.7613 21.5085 22.7346C22.4506 22.5391 23.1172 22.0058 23.0816 21.0193C23.0816 20.9216 23.0194 20.7794 22.9483 20.7438C22.3973 20.4594 21.8462 20.2017 21.2863 19.9439Z\" fill=\"#555555\"><\/path><path d=\"M26.9482 17.8724C26.3972 13.4642 22.1401 10.3447 17.7229 11.1179C12.6481 11.9977 9.71521 17.2859 11.6883 21.9963C12.1948 22.6629 12.0615 23.3472 11.8216 24.0849C11.5105 25.027 11.2794 26.0046 11.0039 27C11.1194 26.9733 11.1994 26.9644 11.2794 26.9378C12.5059 26.6178 13.7324 26.3068 14.9411 25.9868C15.1544 25.9335 15.3144 25.9602 15.5099 26.0579C17.1719 26.8667 18.9227 27.0978 20.718 26.7067C24.833 25.7913 27.4548 22.0496 26.9305 17.8902L26.9482 17.8724ZM20.0515 25.4624C18.4784 25.7113 17.003 25.3913 15.6166 24.6003C15.5099 24.5381 15.3411 24.5115 15.2077 24.547C14.4612 24.7248 13.7146 24.9292 12.9147 25.1336C13.1192 24.3693 13.3058 23.6672 13.5102 22.9473C13.5635 22.7606 13.5369 22.6273 13.4391 22.4673C11.0039 18.5479 13.1014 13.5442 17.6163 12.5043C21.2868 11.6511 25.0285 14.1841 25.5884 17.908C26.1395 21.5519 23.6954 24.8936 20.0515 25.4624Z\" fill=\"#555555\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"1\">El resultado electoral en Brasil volvi\u00f3 a poner en discusi\u00f3n el rumbo fiscal de la principal econom\u00eda de Am\u00e9rica Latina. Tras imponerse en el balotaje,<b> <\/b><a rel=\"noopener noreferrer\" href=\"https:\/\/www.infobae.com\/america\/america-latina\/2026\/10\/26\/lula-da-silva-gano-un-historico-balotaje-a-flavio-bolsonaro-y-asumira-un-cuarto-mandato-en-brasil\/\" target=\"_blank\" title=\"https:\/\/www.infobae.com\/america\/america-latina\/2026\/10\/26\/lula-da-silva-gano-un-historico-balotaje-a-flavio-bolsonaro-y-asumira-un-cuarto-mandato-en-brasil\/\"><b>Lula da Silva<\/b><\/a><b> <\/b>enfrenta el desaf\u00edo de sostener sus compromisos de gasto en un escenario de <b>deuda creciente, tasas de inter\u00e9s elevadas y un margen presupuestario cada vez m\u00e1s acotado<\/b>. Sin embargo, aplicar un ajuste similar al que llev\u00f3 adelante <b>Javier Milei <\/b>en la Argentina no ser\u00eda una tarea sencilla.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-1\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"2\">Esa es una de las principales conclusiones del an\u00e1lisis del economista <a rel=\"noopener noreferrer\" href=\"https:\/\/www.infobae.com\/economia\/2026\/10\/06\/quien-es-el-economista-argentino-radicado-en-eeuu-que-eligio-milei-para-participar-y-exponer-en-la-ultima-reunion-de-gabinete\/\" target=\"_blank\" title=\"https:\/\/www.infobae.com\/economia\/2026\/10\/06\/quien-es-el-economista-argentino-radicado-en-eeuu-que-eligio-milei-para-participar-y-exponer-en-la-ultima-reunion-de-gabinete\/\"><b>Alberto Ades<\/b>, qui\u00e9n hace poco particip\u00f3 de una reuni\u00f3n de Gabinete convocado por Milei<\/a>. En sus redes sociales, Ades explic\u00f3 por qu\u00e9 la estrategia de la motosierra encuentra <b>obst\u00e1culos estructurales en Brasil<\/b>. Seg\u00fan su diagn\u00f3stico, las diferencias entre ambos pa\u00edses no se limitan a las decisiones pol\u00edticas: tambi\u00e9n responden a las reglas que determinan c\u00f3mo se distribuye y ejecuta el gasto p\u00fablico.<\/p>\n<div class=\"inline ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline\" data-ad-slot=\"infobae\/economia\/nota\/inline\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline\" class=\"infobae\/economia\/nota\/inline arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"3\">\u201cLa diferencia con la Argentina no es solo institucional. Milei tuvo la nafta que da una crisis: con la hiperinflaci\u00f3n en ciernes, cortar era la opci\u00f3n menos mala\u201d, plante\u00f3 Ades. En cambio, Brasil cuenta con <b>mecanismos constitucionales y legales que protegen una parte sustancial de sus erogaciones<\/b> y dificultan una reducci\u00f3n r\u00e1pida del gasto.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-3\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"4\">Uno de los principales obst\u00e1culos para replicar el programa argentino es la composici\u00f3n del presupuesto brasile\u00f1o. De acuerdo con las cifras citadas por Ades, cerca del <b>92% del gasto primario federal es obligatorio<\/b>, lo que limita la capacidad del Poder Ejecutivo para reducir las erogaciones mediante decisiones administrativas.<\/p>\n<div class=\"inline_2 ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline_2\" data-ad-slot=\"infobae\/economia\/nota\/inline_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline_2\" class=\"infobae\/economia\/nota\/inline_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline_2\"><\/div>\n<\/div>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=992&amp;height=567&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=768&amp;height=439&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=577&amp;height=330&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=420&amp;height=240&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=350&amp;height=200&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"El economista Alberto Ades disert\u00f3 en la \u00faltima reuni\u00f3n de Gabinete.\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"1065\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/YY4U4OHA4ZGKLJ2KIBUHS425VM.jpg?auth=45416da4a90a0023d9fac5cdf0c0bfaefadb4f8c66e6be638c49758c10f3e09a&amp;smart=true&amp;width=350&amp;height=200&amp;quality=85\" width=\"1863\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"5\">El economista se\u00f1ala que las jubilaciones, que representan alrededor del <b>37% del gasto primario<\/b>, est\u00e1n sujetas a reglas que impiden que sus haberes sean inferiores al salario m\u00ednimo. Una proporci\u00f3n importante de los beneficiarios percibe precisamente ese monto. Algo similar ocurre con el Beneficio de Prestaci\u00f3n Continuada (BPC), una asistencia destinada a adultos mayores y personas con discapacidad de bajos ingresos.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-5\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"6\">A eso se suman los <b>pisos constitucionales de inversi\u00f3n en salud y educaci\u00f3n<\/b>, que est\u00e1n vinculados con la recaudaci\u00f3n. Cuando los ingresos fiscales aumentan, tambi\u00e9n se incrementan los recursos m\u00ednimos que deben destinarse a esas \u00e1reas.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"7\">\u201c<b>En Brasil, recortar en serio exige reformar la Constituci\u00f3n<\/b>, y eso obliga a decir qu\u00e9 se desindexa y a qui\u00e9n le toca\u201d, advierte Ades.<\/p>\n<div class=\"ad_1 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_1\" data-ad-slot=\"infobae\/economia\/nota\/ad_1\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_1\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_1\" class=\"infobae\/economia\/nota\/ad_1 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_1\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"8\">La diferencia con la Argentina tambi\u00e9n pasa por el contexto econ\u00f3mico. Seg\u00fan el an\u00e1lisis, Milei pudo avanzar durante 2024 con dos herramientas que no requer\u00edan una negociaci\u00f3n legislativa para cada decisi\u00f3n: la reducci\u00f3n del gasto discrecional y la licuaci\u00f3n de partidas mediante una inflaci\u00f3n mensual de dos d\u00edgitos, que deterior\u00f3 el poder adquisitivo de jubilaciones y salarios p\u00fablicos.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"9\">Brasil, en cambio, tiene una <b>inflaci\u00f3n de un d\u00edgito<\/b> y una estructura presupuestaria con un alto nivel de indexaci\u00f3n. Adem\u00e1s, aunque enfrenta problemas fiscales y tasas elevadas, no atraviesa una crisis comparable a la que marc\u00f3 el inicio del gobierno libertario.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"las-decisiones-de-lula-que-ampliaron-el-gasto\">Las decisiones de Lula que ampliaron el gasto<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"10\">Para Ades, parte de las dificultades fiscales que enfrentar\u00e1 Lula en su pr\u00f3ximo mandato tambi\u00e9n se explica por las decisiones adoptadas durante su gesti\u00f3n anterior.<\/p>\n<div class=\"ad_2 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_2\" data-ad-slot=\"infobae\/economia\/nota\/ad_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_2\" class=\"infobae\/economia\/nota\/ad_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"11\">En 2016, el gobierno de <b>Michel Temer <\/b>hab\u00eda incorporado un techo de gasto a la Constituci\u00f3n que limitaba el crecimiento real de las erogaciones federales. En 2023, Lula reemplaz\u00f3 ese esquema por un nuevo marco fiscal, que permite un crecimiento real del gasto de hasta el <b>2,5% anual<\/b>, restableci\u00f3 la vinculaci\u00f3n de los pisos de salud y educaci\u00f3n con la recaudaci\u00f3n y recuper\u00f3 los aumentos reales del salario m\u00ednimo.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"12\">Seg\u00fan el economista <b>Samuel Pessoa<\/b>, citado por Ades, la reindexaci\u00f3n del gasto agreg\u00f3 unos <b>520.000 millones de reales<\/b> durante el tercer mandato de Lula.<\/p>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=992&amp;height=558&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=768&amp;height=432&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=577&amp;height=325&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=420&amp;height=236&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=350&amp;height=197&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Para Ades, parte de las dificultades fiscales que enfrentar\u00e1 Lula en su pr\u00f3ximo mandato tambi\u00e9n se explica por las decisiones adoptadas durante su gesti\u00f3n anterior. REUTERS\/Gledston Tavares\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"3290\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/AU3P552FLNFWRKDIBBVJDBLVLI.JPG?auth=b13faf708d6f17d2905bca51b90c9043f9d1f77f71e6b964416bf17bb1ddc9e7&amp;smart=true&amp;width=350&amp;height=197&amp;quality=85\" width=\"5849\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"13\">El problema, sostiene el an\u00e1lisis, es que esas decisiones ampliaron compromisos presupuestarios dif\u00edciles de revertir sin una reforma de las reglas vigentes. Al mismo tiempo, el presidente construy\u00f3 buena parte de su pol\u00edtica econ\u00f3mica sobre la continuidad de los programas sociales y la recuperaci\u00f3n de los ingresos.<\/p>\n<div class=\"ad_3 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_3\" data-ad-slot=\"infobae\/economia\/nota\/ad_3\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_3\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_3\" class=\"infobae\/economia\/nota\/ad_3 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_3\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"14\">Las proyecciones fiscales incluidas en el proyecto de directrices presupuestarias de 2026 muestran la magnitud del desaf\u00edo. Una vez descontadas las enmiendas parlamentarias y los pisos de salud y educaci\u00f3n, el margen para el resto del gasto discrecional ser\u00eda negativo en <b>10.900 millones de reales en 2027, 87.300 millones en 2028 y 154.200 millones en 2029<\/b>.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"15\">Seg\u00fan Ades, el gobierno comenzar\u00e1 a enfrentar restricciones crecientes incluso para sostener los programas actuales, antes de incorporar nuevas promesas de campa\u00f1a.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"16\">El economista tambi\u00e9n plantea que, por su composici\u00f3n y din\u00e1mica, el Congreso podr\u00eda utilizar su poder para limitar el crecimiento del gasto y elevar el costo pol\u00edtico y presupuestario de cada acuerdo con el gobierno, antes que imponer directamente un programa de ajuste.<\/p>\n<div class=\"ad_4 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_4\" data-ad-slot=\"infobae\/economia\/nota\/ad_4\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_4\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_4\" class=\"infobae\/economia\/nota\/ad_4 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_4\"><\/div>\n<\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"cuatro-caminos-para-la-politica-fiscal-brasilena\">Cuatro caminos para la pol\u00edtica fiscal brasile\u00f1a<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"17\">El an\u00e1lisis identifica cuatro escenarios posibles para el pr\u00f3ximo mandato de Lula.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"18\">El primero es una repetici\u00f3n de la estrategia aplicada desde 2023: modificar el marco fiscal cuando sea necesario, buscar mayores ingresos y negociar con el Congreso para sostener el gasto. Es la alternativa que Ades considera <b>m\u00e1s probable<\/b>, aunque no resolver\u00eda los problemas proyectados para 2028.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"19\">El segundo es un <b>ajuste forzado por la falta de recursos<\/b>. En ese caso, el gobierno tendr\u00eda que negociar cambios en algunas de las reglas que protegen el gasto obligatorio, una salida que podr\u00eda incluir parte de las medidas asociadas con el <i>tesoura\u00e7o <\/i>\u2014el \u201ctijeretazo\u201d que hab\u00eda propuesto <b>Fl\u00e1vio Bolsonaro<\/b> durante la campa\u00f1a\u2014.<\/p>\n<div class=\"ad_5 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_5\" data-ad-slot=\"infobae\/economia\/nota\/ad_5\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_5\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_5\" class=\"infobae\/economia\/nota\/ad_5 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_5\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"20\">El tercer escenario contempla que el Congreso impulse una reforma constitucional sin el apoyo de Lula, lo que abrir\u00eda un <b>conflicto institucional<\/b>.<\/p>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=992&amp;height=691&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=768&amp;height=535&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=577&amp;height=402&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=420&amp;height=293&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=350&amp;height=244&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"REUTERS\/Amanda Perobelli\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"3832\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/THAPJSDRZZDTPIMF2C7PL2GXZE.JPG?auth=ae6d30898f18cd706190200db16bb6ff841252a44dc95ce4ae702f15ee742a2f&amp;smart=true&amp;width=350&amp;height=244&amp;quality=85\" width=\"5500\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"21\">El cuarto es que el gobierno decida sostener el gasto, modifique o suspenda el marco fiscal y cubra el d\u00e9ficit con m\u00e1s deuda, una alternativa que podr\u00eda deteriorar la confianza de los mercados.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"22\">Para Ades, el principal interrogante es si el gobierno reconocer\u00e1 a tiempo que las cuentas no cierran con las reglas actuales o si esperar\u00e1 a que la falta de financiamiento lo obligue a actuar.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"la-presion-de-los-mercados-como-detonante\">La presi\u00f3n de los mercados como detonante<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"23\">Aunque las restricciones institucionales dificultan una motosierra al estilo argentino, Ades advierte que eso no elimina la posibilidad de un ajuste. En su an\u00e1lisis, la <b>presi\u00f3n financiera<\/b> podr\u00eda terminar imponiendo decisiones que el gobierno no quiere tomar voluntariamente.<\/p>\n<div class=\"ad_6 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_6\" data-ad-slot=\"infobae\/economia\/nota\/ad_6\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_6\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_6\" class=\"infobae\/economia\/nota\/ad_6 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_6\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"24\">Una ca\u00edda del real, un aumento de las tasas de inter\u00e9s de largo plazo y un deterioro sostenido de los activos brasile\u00f1os podr\u00edan elevar el costo de financiar la deuda y reducir todav\u00eda m\u00e1s el margen fiscal.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"25\">El economista recuerda que algo similar ocurri\u00f3 en 2015, cuando <b>Dilma Rousseff <\/b>recurri\u00f3 a <b>Joaquim Levy<\/b> para impulsar un ajuste, y a fines de 2024, cuando el d\u00f3lar super\u00f3 los seis reales y el Congreso avanz\u00f3 con un paquete fiscal que llevaba tiempo demorado.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"26\">Tambi\u00e9n se\u00f1ala que una se\u00f1al de moderaci\u00f3n fiscal podr\u00eda contribuir a contener las turbulencias. Entre las alternativas menciona la posibilidad de reducir el l\u00edmite de crecimiento real del gasto del <b>2,5% al 1% anual<\/b>, con un programa de implementaci\u00f3n gradual.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"27\">En ese escenario, la designaci\u00f3n de las autoridades econ\u00f3micas y la presentaci\u00f3n de un presupuesto cre\u00edble ser\u00edan se\u00f1ales relevantes para los inversores.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id='\"ajustar-por-decision-propia\"-o-hacerlo-por-obligacion'>\u201cAjustar por decisi\u00f3n propia\u201d o hacerlo por obligaci\u00f3n<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"28\">La conclusi\u00f3n de Ades es que Brasil enfrenta una combinaci\u00f3n de <b>restricciones constitucionales, compromisos sociales y dificultades pol\u00edticas<\/b> que vuelve inviable una r\u00e9plica directa del programa de Milei, al menos bajo las condiciones actuales.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"29\">\u201cLa diferencia con la Argentina no es solo institucional. Milei tuvo la nafta que da una crisis: con la hiperinflaci\u00f3n en ciernes, cortar era la opci\u00f3n menos mala. Brasil se protegi\u00f3 de ese tipo de crisis con indexaciones y pisos constitucionales, y esa misma protecci\u00f3n es la que hoy le quita combustible al ajuste\u201d, se\u00f1al\u00f3.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"30\">Si las proyecciones presupuestarias se cumplen, el gobierno brasile\u00f1o tendr\u00e1 que negociar cambios en las reglas vigentes, conseguir m\u00e1s ingresos o enfrentar una mayor presi\u00f3n de los mercados.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"31\">Ades resumi\u00f3: \u201cLula se burl\u00f3 de la motosierra prestada, pero puede terminar necesit\u00e1ndola\u201d. Y cerr\u00f3: \u201cPara Lula, la cuenta es sencilla aunque amarga: ajustar por decisi\u00f3n propia en 2027 le saldr\u00eda mucho m\u00e1s barato que hacerlo obligado en 2028\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EscucharPuntos claveResumen 26 Oct, 2026 08:10 a. m. EST Guardar El resultado electoral en Brasil volvi\u00f3 a poner en discusi\u00f3n el rumbo fiscal de la principal econom\u00eda de Am\u00e9rica Latina. Tras imponerse en el balotaje, Lula da Silva enfrenta el desaf\u00edo de sostener sus compromisos de gasto en un escenario de deuda creciente, tasas de [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-31995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/31995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31995"}],"version-history":[{"count":0,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/31995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/media\/31996"}],"wp:attachment":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}