Brazil President Gets Ousted after Impeachment Process

Dilma Rousseff became the second president to be impeached in Brazil’s 31-year-old democracy, paving the way for a fundamental shift in economic policy after 13 years of her party’s leftist rule.

With 61 against 20 votes, the Senate found Rousseff guilty of bypassing Congress to finance government spending, paving the way for her vice president Michel Temer to serve out the term until general elections in 2018. In a second vote later in the same session, the legislators decided against a provision that would have banned her for eight years from public office, including civil servant positions.

The decisions cap a tumultuous period that began after Rousseff’s narrow re-election victory in 2014 and exacerbated the worst recession in decades. Many legislators celebrated her ouster by singing the national anthem, while residents of the capital set off fireworks. Temer will be sworn into office in a Senate ceremony on Wednesday afternoon. He will address the nation in a pre-recorded broadcast later in the day.

via Bloomberg

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza