Thursday, May 18, 2017

Stock Market Crash in Brazil

Brazil’s markets crashed on their opening on today, with the benchmark Ibovespa stock index down 10.47 per cent after one of the country’s leading newspapers alleged President Michel Temer had been taped endorsing bribe payments.

O Globo reported that Joesley and Wesley Batista, respectively chairman and chief executive of Brazil’s largest meatpacker JBS, had presented a secret recording of  Temer approving bribes to Eduardo Cunha, the disgraced former speaker of the lower house, as part of plea bargain negotiations.

Before news of the recording broke,  Temer had an approval rating of just 9 per cent.

Alessandro Molon, an opposition lawmaker, said he had filed an impeachment request against  Temer.


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