by Kaisa Stucke, CFA
Brazil’s lower house voted on April 17th to impeach President Dilma Rousseff by a vote of 367 to 137. The process now moves to the Senate, where the country’s 81 senators are expected to vote sometime in the next few weeks, although a final date has not been set. For almost a year, Rousseff’s opposition has been trying to impeach her for allegedly manipulating the government budget in 2014. A simple Senate majority vote to impeach Rousseff could remove her from power, installing her vice president, Michel Temer, as president.
This week we will look at the Brazilian presidential impeachment proceedings and the circumstances that have led to the impeachment. We will briefly describe the recent political history of the country and look at the specifics of Brazil’s economic development. As usual, we will conclude with market ramifications.