Hundreds Of Thousands Take To The Streets In Brazil Demanding President’s Impeachment
Protests are underway in Brazil as hundreds of thousands take to the streets to call for the impeachment of President Dilma Rousseff. Here’s Bloomberg:
An estimated 25,000 protesters in Brasilia marched toward Congress, chanting against Rousseff and corruption, carried a long banner demanding “Impeachment Now.”Rouseff monitored proceedings from her official residence, due to meet with some of her cabinet in the afternoon, said Justice Minister Jose Eduardo Cardozo.
Protest in #Rio #Brazil: “Military intervention is not a crime” via @tariqpanja UNBELIEVABLE.
Background:
When the world’s foremost mainstream media outlets begin to run stories with titles like: “How to Impeach a Brazilian President: A Step-by-Step Guide“, you know your political career may be in trouble.
Brazil’s Dilma Rousseff – who recently became the country’s most unpopular democratically elected president since a military dictatorship ended in 1985, with an approval rating of just 8% – faces a litany of problems, not the least of which are accusations around fabricated fiscal account data and corruption at Petrobras where she was chairwoman from 2003 to 2010.
But beyond that, Brazil is mired in stagflation and, as Morgan Stanley recently noted, is at the center of the global EM unwind triggered by falling commodity prices, slowing demand from China, and an imminent Fed rate hike. Underscoring the depth of the economic malaise is the following graphic from Goldman which shows that when it comes to inflation-growth outcomes, it doesn’t get much worse than what Brazil suffered through in Q2.
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