Brazilian President Michel Temer has said he will not resign after a political 'hush money' scandal caused Brazilian equities to fall 10% last night.
Temer became President last summer after the impeachment of Dilma Rousseff for manipulating the budget. But according to Brazilian newspaper O Globo, he allegedly gave his support to an attempt to buy the silence of a former coalition ally, although he vehemently denies the allegations. On the news, the Brazilian Bovespa index plunged 10% on opening yesterday and trading was halted for 30 minutes. The real also fell 7% against the US dollar. There is now a possibility Temer will have to leave office, either through impeachment or resignation. He has so far refused to resign, des...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
