Nevertheless, the document is a step in the right direction, reckons Eduardo Giannetti, a professor of economics at the university of Sao Paulo.

ECONOMIST: Brazil��s opposition

For the first chunk of his career he was playing full-time for Botafogo while going to medical school at the University of Sao Paulo's campus in Ribeirao Preto.

WSJ: Soccer: Socrates, Brazil's Philosopher King - Marcotti

Over 90% of local councils serve populations of fewer than 50, 000, each one typically getting almost nine-tenths of its revenues from higher tiers of governments, according to Eduardo Giannetti, an economist at the University of Sao Paulo.

ECONOMIST: Brazil