Rousseff to Face Impeachment in Brazil Beset by Recession

[Bacchus4.0]

Source: Bloomberg

Brazil’s President Dilma Rousseff will face impeachment proceedings in Congress, marking a deepening of the political crisis that is dragging Latin America’s largest economy further into recession.

Lower house President Eduardo Cunha told reporters in Brasilia on Wednesday he has accepted one of 34 requests to impeach the president on charges that range from illegally financing her re-election to doctoring fiscal accounts this year and last. Cunha said he "profoundly regrets" what’s happening. "May our country overcome this process."

The impeachment hearings could take months, involving several votes in Congress that ultimately may result in the president’s ouster. Rousseff would challenge any impeachment proceedings in the Supreme Court, according to a government official with direct knowledge of her defense strategy. The presidential press office said the government will make a statement shortly.

The decision is the culmination of a week of devastating news in Brazil, including a selloff following the arrest of billionaire banker Andre Esteves and a worse-than-expected decline in gross domestic product.


Read more: http://www.bloomberg.com/news/articles/2015-12-02/rousseff-to-face-impeachment-in-brazil-congress-speaker-says

[Judi Lynn]

1. Brazil president's nemesis wounded but dangerous

Brazil president's nemesis wounded but dangerous
By Natalia Ramos (AFP) 7 hours ago in World .

The key figure in the impeachment process launched against Brazilian President Dilma Rousseff on Wednesday is in trouble of his own -- facing allegations of corruption and lying to Congress.

Most politicians in Eduardo Cunha's predicament might already have fallen, but the master tactician has always had a trump card -- his power, as speaker of the lower house, to stop or greenlight impeachment petitions.

Now, by accepting a petition accusing Rousseff of fiddling government accounts, Cunha has put himself at the center of a bitter political crisis shaking Latin America's biggest country.

Despite being accused of taking millions of dollars in bribes during a massive embezzlement scandal at state oil company Petrobras, as well as hiding money in Swiss accounts, Cunha has kept everyone on their toes for weeks.

More:
http://www.digitaljournal.com/news/world/brazil-president-s-nemesis-wounded-but-dangerous/article/451114#ixzz3tEgg2XAA

[Judi Lynn]

3. Brazil police finds document linking BTG Pactual to bribery, Globo says

Sun Nov 29, 2015 7:57pm EST

UPDATE 1-Brazil police finds document linking BTG Pactual to bribery, Globo says

(Adds detail of document, comment from Cunha, Comment from BTG Pactual in paragraph 5))

Nov 29 Brazil's federal police found documents allegedly linking investment bank Grupo BTG Pactual SA to the payment of bribes to ruling coalition lawmakers, the online edition of O Globo newspaper said on Sunday.

According to Globo, which did not say how it obtained the information, the documents were seized in the home of an aide to Senator Delcídio do Amaral, who was arrested on Wednesday for allegedly trying to obstruct a corruption investigation.

The documents, Globo said, contained notes alleging that BTG Pactual paid 45 million reais ($11.7 million) to Eduardo Cunha, speaker of Brazil's lower house of Congress, in exchange for the passage of legislation favoring the bank.

Read more at Reuters: http://www.reuters.com/article/2015/11/30/brazil-arrests-lawmaking-idUSL1N13P00P20151130#ulmcUYhoJrv5jJUO.99

[joshcryer]

2. South America is tiring of faux populism.

This is merely the tip of the iceberg.