Dilma Rousseff has squandered Brazil's commodity boom, but the country is not in meltdown and is unlikely to set off an emerging market crash Brazil’s currency plummeted to all-time lows and borrowing costs have tightened viciously after Standard & Poor’s slashed the country’s debt to junk status, warning that the budget deficit has reached danger levels. The downgrade is a painful blow to a nation that thought it had finally escaped the Latin American curse of boom-bust cycles and joined the top league of rich economies. It is the second of the big emerging market economies to be stripped of...