Criticism of Lula's economic plans mounts as Brazil markets tank

Criticism of Brazilian President Luiz Inacio Lula da Silva's economic policies grew on Wednesday, with analysts and a leading newspaper slamming ministers after local markets tanked in the leftist's first two days in office.

Financial Minister Fernando Haddad, a Lula loyalist who ran a failed presidential bid as the leftist Workers Party candidate in 2018, has been among the main targets, with his hometown newspaper O Estado de S. Paulo dubbing him a "decorative minister" on Wednesday.

Haddad, a former mayor of Sao Paulo, took office vowing to restore public accounts and with the challenge of presenting a credible fiscal framework after Congress passed a giant Lula social spending package.