Brazilians rarely do things small. They boast Latin America's biggest economy but also own its worst recession, a seemingly bottomless corruption scandal and a government allegedly so practiced at disguising budget shortfalls that President Dilma Rousseff was ordered to step aside early Thursday morning. She'll now face an impeachment trial in the Senate; few analysts expect she'll... Continue Reading →
Brazil’s Rousseff vows to fight on after Senate vote to suspend her
Suspended Brazilian President Dilma Rousseff vowed on Thursday she would fight to prove her innocence after the Senate voted to put her on trial for breaking budget laws, a historic decision fueled by deep recession and a sprawling corruption scandal. Rousseff, a leftist in office since 2011, was replaced by her vice president, centrist Michel... Continue Reading →
Brazil Acting President Temer Names Cabinet on Rousseff Ouster
Brazil’s new acting President Michel Temer moved swiftly to form his cabinet, appointing a successful inflation-fighter as finance minister only moments after Dilma Rousseff stepped aside, ousted by a Senate vote in favor of her impeachment. Temer, a 75 year-old constitutional lawyer appointed Henrique Meirelles, a former central bank chief and Wall Street banker, to... Continue Reading →
Buy on the rumor and sell on the fact…
Brazilian real shrugs as Senate votes for Dilma Rousseff impeachment Muted early FX reaction suggest market had already priced in the vote Brazil's Senate voted early on Thursday to impeach President Dilma Rousseff © EPA by: Roger Blitz The Brazilian real, the best-performing major currency against the dollar this year, has failed so far to... Continue Reading →
Brazil Acting President Hailed by Markets But Hands May Be Tied
To many investors, he seems to be riding in on a white steed, a seasoned insider who will turn around an economy of epic failure and enormous potential. Michel Temer has been the number two to President Dilma Rousseff of Brazil and now, with her temporary ouster, takes charge, buoyed by an almost evangelical market... Continue Reading →
Brazil’s Rousseff Says She Will Fight Impeachment With All Legal Tools
True to her personality Dilma will fight to regain her presidency from what she calls a coup. Strangest coup ever witnessed since she was given all the opportunities to defend herself and government. A coup that allows her a 180 day period to prepare her defense. A coup that allows her to remain in the... Continue Reading →
Brazil’s Economic Rise and Fall in Charts Underlines Temer’s Tough Task
As Dilma Rousseff steps aside from Brazil's presidency and Michel Temer ascends to the post, it's a moment of reckoning for a nation that's in the throes of recession, high inflation and a near-record budget deficit. The charts below detail the road that led Brazil into its economic predicament — and show that Temer's administration would have to oversee a... Continue Reading →
Investors boost bets on post-Rousseff Brazil, long-term doubts persist
BlackRock Inc (BLK.N) is among major asset managers that had been raising their bets on Brazil even before President Dilma Rousseff was suspended from office on Thursday, but many investors are wary about the long-term recovery prospects of Latin America's largest economy. The growing likelihood that business-friendly Vice President Michel Temer would take power has... Continue Reading →
The triple crises that face Brazil’s new president
Temer as head of state is no national saviour but he can stabilise the country FT View © Reuters Brazil is about to have a new president. As expected, the Senate has voted to impeachDilma Rousseff; she now steps down while the Senate considers her case. In the interim, Michel Temer, the vice-president, becomes... Continue Reading →
Brazil’s Temer: Quiet bridge builder, crafty political operator
Brazil's Vice President Michel Temer (L) talks with President of the Brazilian Senate Renan Calheiros as he leaves the Calheiros' house in Brasilia, Brazil, May 10, 2016. REUTERS/PAULO WHITAKER The man poised to become Brazil's new leader has spent decades in politics and is known for his quiet yet calculating demeanor, fine suits, and a... Continue Reading →
