Due to recent developments, the political situation in Brazil is rapidly unraveling. According to leaks revealed by the Brazilian press, President Temer was taped allegedly endorsing bribes to buy the silence of Eduardo Cunha, former Speaker of the House, in a corruption investigation. The revelations are believed to come from video and audio recordings made with the endorsement of the Federal Police.
The opposition has already filed requests for the impeachment of President Temer in the Brazilian Congress. There are social protests in the streets of Sao Paulo and Brasilia calling for the president to resign. Protests may gain force if the situation escalates, especially if video and audio recordings are released. Temer’s popularity is already very low (10%) before this crisis.
The revelations constitute a blow to the confidence of the Brazilian business community and investors. This morning, the São Paulo stock exchange – Bovespa – plunged more than 10%, triggering a “circuit break”. Others may follow. The Brazilian Real devalued by 10% against the dollar.
This afternoon, President Temer addressed the nation, dismissing rumors of his resignation. He called for a swift and comprehensive investigation of the allegations against him. The political future of President Temer is uncertain and his ability to govern is very much at risk.
Please join us for a discussion at the U.S. Chamber of Commerce on Monday, May 22, as Council staff addresses political scenarios and economic implications.
Monday, May 22, 2017
From 2:00 p.m. to 3:00 p.m. EDT
U.S. Chamber of Commerce
1615 H Street NW
Washington D.C. 20062
– Members Only –
Conference Call Details
USA Toll Free: +1-877-820-7829
USA Toll: +1-720-259-7053
Brazil Toll Free: 0800 887 0232
Brazil, RJ: +55 21 4560 0038
Brazil, SP: +55 11 4935 7139
Participant Passcode: 3981382586