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Demonstrators protest against Temer in Sao Paulo, Brazil, on May 17.
Demonstrators protest against Temer in Sao Paulo, Brazil, on May 17.

Brazilian Protesters Demand President Temer’s Resignation

Unions, political parties and activists called on Brazilians to come out on Sunday to demand President Michel Temer step down, though protests in major cities were smaller than expected

Brazilian Protesters Demand President Temer’s Resignation

Brazilians around the country staged demonstrations on Sunday to call for their president to step down after the Supreme Court opened an investigation into allegations he endorsed the payment of hush money to a jailed former lawmaker.
Unions, political parties and activists called on Brazilians to come out on Sunday to demand President Michel Temer step down, though protests in major cities were smaller than expected, Aljazeera reported.
In Rio de Janeiro, 150 people waved union flags on the boardwalk along Copacabana Beach. They signed a giant banner with messages, such as, “Out with Temer” and “I want a better Brazil”.
Another 100 people marched to the house of Rodrigo Maia, speaker of the lower house of congress, to call for Temer’s ouster and immediate elections.
Some were protesting against Temer’s proposals to loosen labor laws and change the pension system as much as they were responding to the recent allegations.
“We’re here to get Temer out of government because he is a coup-leader, because he is against teachers” and other workers, said Tatiana Camargos, a 41-year-old biology teacher, AP reported.
Temer has defied calls to resign, saying a leaked recording purportedly implicating him in corruption was doctored and denied any wrongdoing.
The recording appears to have Temer endorsing the payment of bribes to ex-house speaker, Eduardo Cunha, in exchange for his silence. Cunha is serving a sentence after a corruption conviction.
Temer has asked the Supreme Federal Tribunal, Brazil’s highest court, to suspend its investigation into him-something that it is unlikely to do.
Prosecutor General Rodrigo Janot, who has accused Temer of corruption and obstruction of justice in the case before the court, has said that a preliminary analysis of the recording showed that the conversation it contained was logical and coherent, and its contents were consistent with the testimony of people cooperating with the prosecutor’s office.
Some allied political parties have already withdrawn their support for Temer and others are considering it.
 Temer May Leave Before End of Mandate
Marcos Casarin, the head of Latin America macro research at Oxford Economics, said, “Very few people believe that he’s going to stay in until the end of his term in end of 2018,” stating that there’s a “100% “ chance Temer will leave before the end of his mandate, CNBC reported.
“He’s obviously going to deny the facts but the recordings are quite conclusive and they were made public on Thursday evening and Friday, and I think everyone has made up their minds and had enough time to digest the news,” Casarin said.
However, Casarin believes that the political scandals do not mean lack of opportunities for investors.
“It opens opportunities for investors because Brazilian assets have undergone a massive rally since the start of the year, pretty much since Trump’s election … These assets are substantially cheaper right now,” he noted.
“Assuming Temer leaves office before 2018, Brazil has more chances to push through key reforms,” he said.
Highlight: Very few people believe that he’s going to stay in until the end of his term in end of 2018

 

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