(Bloomberg) -- Key members of Brazil Economy Minister Paulo Guedes’s team, including the Treasury secretary, resigned from their jobs following reports that the government is bound to break fiscal spending rules to boost social spending in the run-up to next year’s elections.

Treasury Secretary Jeferson Bittencourt, Special Treasury and Budget Secretary Bruno Funchal along with two more members of the economic team resigned on Thursday, citing personal reasons, according to a statement from the economy ministry. 

Brazilian assets tumbled earlier as prospects the government will bypass fiscal rules to boost spending fueled concern over the nation’s fiscal trajectory. 

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