Bolsonaro Announces That Brazil’s Country Risk Drops to Lowest Level Since 2013

RIO DE JANEIRO, BRAZIL – President Jair Bolsonaro celebrated the drop in country risk to its lowest level since 2013 on his Twitter profile.

On Friday, September 13th, Brazil’s five-year Credit Default Swap (CDS) contract, which acts as a benchmark for country risk, operated at 118 points, its lowest level since May 2013, according to IHS Markit’s quotes.

The CDS is a financial contract that operates as a type of insurance against default by investors.

“Country risk has dropped to its lowest level since 2013. Good news keeps coming in. Little by little, with everyone’s help, we can rebuild our beloved Brazil faster,” wrote Bolsonaro, who is still hospitalized at the Vila Nova Star Hospital in São Paulo, where he is recovering from a surgery performed on Sunday, September 8th, to correct an incisional hernia. Earlier, he celebrated Egypt’s opening of the dairy market to Brazil.

The president continues to show progressive improvement, according to the medical bulletin released this morning. He maintains a liquid diet. Between today and tomorrow, he is expected to change to creamy food, according to the doctor who performed the surgery on Bolsonaro, Antônio Macedo.

Bolsonaro depends on the progress in bowel movement and the progression in diet to be released. This is the fourth surgery the president has undergone since he was stabbed during the election campaign last year.