Brazil announces privatizations aimed at boosting economy

Brazilian President Michel Temer has announced a privatization plan aimed at propelling Latin America's biggest economy out of its worst financial crisis in decades.

Temer said Tuesday that the privatizations will include the building and management of roads, railways, airports, mining facilities and oil fields. He says they will happen in 2017 and 2018.

In his words, the plan represents an "extraordinary opening" of Brazil's infrastructure.

Temer was vice president before he took over the presidency after President Dilma Rousseff was removed from office on charges of illegally shifting government funds between budgets. Temer has promised to pull the economy out of recession by making reforms and attracting foreign investors.

The announcement did not help Brazil's biggest stock market. The Bovespa index closed down 3 percent.