Will Rousseff's impeachment be a game-changer for Brazil?

Equity markets rallied

After a lengthy impeachment process which descended into farce last week, the Brazilian Senate has finally suspended President Dilma Rousseff for allegedly using state funds to cover budget shortfalls.

This was the result investors had been waiting for, with the country's equity markets already rallying hard year-to-date as hopes grew her impeachment could usher in a much-needed era of economic reform. Brazil's Bovespa index has rebounded 23% in US dollar terms during the first four months of the year after plummeting some 40% in 2015, as the impact of the global commodities slump and political scandal led some commentators to dismiss Latin America's largest economy as a 'basket case'. Rousseff (pictured) has now been replaced by vice president Michel Temer, currently leader of the ...