IBOV 176,177 ▲ 0.25% IPSA 10,928 ▲ 0.16% IPC MEX 66,682 ▲ 1.08% MERVAL 3,244,173 ▲ 0.27% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL5.08▼ 1.12% USD/MXN17.44▼ 0.53% USD/CLP925.18▼ 0.83% USD/COP3,250▼ 0.39% USD/PEN3.39▼ 0.64% USD/ARS1,471▼ 0.81% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.33% BRENT 85.31 ▲ 2.41% WTI 79.47 ▲ 1.70% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.37% GOLD 4,073 ▲ 1.90% SILVER 59.15 ▲ 2.63% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 643.25 ▲ 2.59% COFFEE 341.35 ▼ 0.01% SUGAR 14.93 ▲ 1.22% ORANGE JUICE 138.95 ▼ 2.53% COTTON 81.68 ▲ 2.32% COCOA 5,826 ▲ 2.28% BEEF 231.50 ▼ 1.37% CATTLE 348.83 ▼ 1.56% LITHIUM 71.43 ▲ 1.69% PETR4 40.59 ▼ 0.17% VALE3 74.00 ▲ 1.58% ITUB4 43.46 ▼ 0.14% BBDC4 18.60 ▼ 0.91% ABEV3 15.92 ▲ 0.57% BBAS3 20.48 ▲ 1.19% B3SA3 15.33 ▲ 1.39% WEGE3 44.24 ▼ 0.34% PRIO3 57.01 ▼ 0.33% SUZB3 41.10 ▼ 0.94% RENT3 40.28 ▲ 0.20% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.49 ▼ 1.28% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.13 ▼ 2.10% CMIN3 5.29 ▼ 2.94% USIM5 8.23 ▼ 1.79% GGBR4 23.09 ▲ 1.18% ENEV3 26.99 ▲ 0.41% CPFE3 47.14 ▲ 0.64% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.12 ▼ 0.21% VIVT3 35.21 ▲ 1.38% RAIL3 14.14 ▲ 0.21% KLABIN 17.42 ▼ 0.34% RAIA DROGASIL 18.44 ▲ 1.32% RDOR3 35.73 ▲ 0.48% HAPV3 10.64 ▲ 1.72% FLRY3 16.26 ▲ 0.68% SMTO3 16.24 ▼ 0.79% UGPA3 30.17 ▼ 2.46% VBBR3 33.00 ▲ 0.73% BBSE3 40.27 ▼ 0.02% BPAC11 58.18 ▲ 1.15% CURY3 32.87 ▼ 0.75% AERI3 2.08 — 0.00% VIVARA 23.28 ▲ 0.74% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.32 ▼ 0.18% ASAI3 8.68 ▼ 0.34% SBSP3 30.32 ▼ 0.16% WALMEX 49.54 ▼ 0.22% GMEXICO 201.70 ▲ 3.12% FEMSA 233.05 ▲ 3.41% CEMEX 22.27 ▲ 2.25% GFNORTE 187.00 ▲ 2.71% BIMBO 56.31 ▲ 0.79% TELEVISA 9.47 ▼ 1.46% AMX 22.87 ▲ 1.24% GAP 384.50 ▼ 5.80% ASUR 276.97 ▼ 0.61% OMA 233.64 ▲ 0.14% KOF 181.66 ▼ 0.01% GRUMA 282.79 ▲ 0.50% KIMBER 38.47 ▲ 0.65% SQM-B 67,468 ▲ 0.38% COPEC 6,064 ▲ 0.11% BSANTANDER 78.96 ▲ 0.97% FALABELLA 5,930 ▲ 0.42% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,063 ▲ 1.13% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.92 ▲ 2.12% LATAM AIR 24.63 ▼ 1.08% YPF 77,225 ▲ 0.06% GGAL 8,105 ▲ 0.31% PAMPA 5,215 ▼ 0.19% TXAR 664.00 ▼ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,730 ▲ 1.67% CEPU 2,311 ▼ 0.35% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,545 ▲ 1.36% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 15.90 ▲ 0.13% BANCOLOMBIA 81.92 ▲ 1.87% GRUPO AVAL 4.88 ▼ 0.61% CREDICORP 390.82 ▲ 0.41% SOUTHERN COPPER 180.54 ▲ 3.44% BUENAVENTURA 30.89 ▲ 3.57% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 13.93 ▲ 1.89% XP 16.61 ▲ 1.44% PAGSEGURO 9.19 ▼ 1.02% STONE 11.16 ▲ 0.04% GLOBANT 31.67 ▼ 1.42% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 221.58 ▼ 4.81% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.48 ▲ 1.27% AMX ADR 26.21 ▲ 0.69% FEMSA ADR 133.71 ▲ 3.64% CEMEX ADR 12.75 ▲ 2.39% PETROBRAS ADR 17.93 ▲ 0.25% VALE ADR 14.56 ▲ 2.64% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.12 ▲ 1.80% CSN 1.01 ▼ 1.78% GERDAU 4.56 ▲ 1.53% LATAM ADR 53.11 ▼ 0.42% BTC 64,822 ▲ 4.15% ETH 1,875 ▲ 5.72% SOL 77.43 ▲ 3.43% XRP 1.11 ▲ 3.78% BNB 582.84 ▲ 2.86% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.29 ▲ 5.24% DOT 0.85 ▲ 2.21% LTC 44.83 ▲ 3.08% BCH 238.98 ▲ 1.16% TRX 0.33 ▲ 0.39% XLM 0.18 ▲ 2.37% HBAR 0.07 ▲ 0.82% NEAR 2.04 ▲ 6.33% ATOM 1.55 ▲ 1.24% AAVE 99.75 ▲ 5.71% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.29 ▲ 1.25% JBS 11.87 ▲ 0.59% JBS BDR 59.67 ▼ 1.55% MBRF3 16.04 ▲ 2.04% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 0.18% EGX 52,299 ▼ 0.59% USD/ZAR16.38▼ 0.58% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY162.17▼ 0.17% USD/CNY6.76▼ 0.32% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD1.14▲ 0.41% GBP/USD1.34▼ 0.05% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD1.41▼ 0.62% US10Y 4.5790 ▼ 0.65% IBOV 176,177 ▲ 0.25% IPSA 10,928 ▲ 0.16% IPC MEX 66,682 ▲ 1.08% MERVAL 3,244,173 ▲ 0.27% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL 5.08 ▼ 1.12% USD/MXN 17.44 ▼ 0.53% USD/CLP 925.18 ▼ 0.83% USD/COP 3,250 ▼ 0.39% USD/PEN 3.39 ▼ 0.62% USD/ARS 1,471 ▼ 0.81% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.33% BRENT 85.31 ▲ 2.41% WTI 79.47 ▲ 1.70% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.37% GOLD 4,073 ▲ 1.90% SILVER 59.15 ▲ 2.63% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 643.25 ▲ 2.59% COFFEE 341.35 ▼ 0.01% SUGAR 14.93 ▲ 1.22% ORANGE JUICE 138.95 ▼ 2.53% COTTON 81.68 ▲ 2.32% COCOA 5,826 ▲ 2.28% BEEF 231.50 ▼ 1.37% CATTLE 348.83 ▼ 1.56% LITHIUM 71.43 ▲ 1.69% PETR4 40.59 ▼ 0.17% VALE3 74.00 ▲ 1.58% ITUB4 43.46 ▼ 0.14% BBDC4 18.60 ▼ 0.91% ABEV3 15.92 ▲ 0.57% BBAS3 20.48 ▲ 1.19% B3SA3 15.33 ▲ 1.39% WEGE3 44.24 ▼ 0.34% PRIO3 57.01 ▼ 0.33% SUZB3 41.10 ▼ 0.94% RENT3 40.28 ▲ 0.20% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.49 ▼ 1.28% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.13 ▼ 2.10% CMIN3 5.29 ▼ 2.94% USIM5 8.23 ▼ 1.79% GGBR4 23.09 ▲ 1.18% ENEV3 26.99 ▲ 0.41% CPFE3 47.14 ▲ 0.64% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.12 ▼ 0.21% VIVT3 35.21 ▲ 1.38% RAIL3 14.14 ▲ 0.21% KLABIN 17.42 ▼ 0.34% RAIA DROGASIL 18.44 ▲ 1.32% RDOR3 35.73 ▲ 0.48% HAPV3 10.64 ▲ 1.72% FLRY3 16.26 ▲ 0.68% SMTO3 16.24 ▼ 0.79% UGPA3 30.17 ▼ 2.46% VBBR3 33.00 ▲ 0.73% BBSE3 40.27 ▼ 0.02% BPAC11 58.18 ▲ 1.15% CURY3 32.87 ▼ 0.75% AERI3 2.08 — 0.00% VIVARA 23.28 ▲ 0.74% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.32 ▼ 0.18% ASAI3 8.68 ▼ 0.34% SBSP3 30.32 ▼ 0.16% WALMEX 49.54 ▼ 0.22% GMEXICO 201.70 ▲ 3.12% FEMSA 233.05 ▲ 3.41% CEMEX 22.27 ▲ 2.25% GFNORTE 187.00 ▲ 2.71% BIMBO 56.31 ▲ 0.79% TELEVISA 9.47 ▼ 1.46% AMX 22.87 ▲ 1.24% GAP 384.50 ▼ 5.80% ASUR 276.97 ▼ 0.61% OMA 233.64 ▲ 0.14% KOF 181.66 ▼ 0.01% GRUMA 282.79 ▲ 0.50% KIMBER 38.47 ▲ 0.65% SQM-B 67,468 ▲ 0.38% COPEC 6,064 ▲ 0.11% BSANTANDER 78.96 ▲ 0.97% FALABELLA 5,930 ▲ 0.42% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,063 ▲ 1.13% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.92 ▲ 2.12% LATAM AIR 24.63 ▼ 1.08% YPF 77,225 ▲ 0.06% GGAL 8,105 ▲ 0.31% PAMPA 5,215 ▼ 0.19% TXAR 664.00 ▼ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,730 ▲ 1.67% CEPU 2,311 ▼ 0.35% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,545 ▲ 1.36% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 15.90 ▲ 0.13% BANCOLOMBIA 81.92 ▲ 1.87% GRUPO AVAL 4.88 ▼ 0.61% CREDICORP 390.82 ▲ 0.41% SOUTHERN COPPER 180.54 ▲ 3.44% BUENAVENTURA 30.89 ▲ 3.57% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 13.93 ▲ 1.89% XP 16.61 ▲ 1.44% PAGSEGURO 9.19 ▼ 1.02% STONE 11.16 ▲ 0.04% GLOBANT 31.67 ▼ 1.42% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 221.58 ▼ 4.81% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.48 ▲ 1.27% AMX ADR 26.21 ▲ 0.69% FEMSA ADR 133.71 ▲ 3.64% CEMEX ADR 12.75 ▲ 2.39% PETROBRAS ADR 17.93 ▲ 0.25% VALE ADR 14.56 ▲ 2.64% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.12 ▲ 1.80% CSN 1.01 ▼ 1.78% GERDAU 4.56 ▲ 1.53% LATAM ADR 53.11 ▼ 0.42% BTC 64,822 ▲ 4.15% ETH 1,875 ▲ 5.72% SOL 77.43 ▲ 3.43% XRP 1.11 ▲ 3.78% BNB 582.84 ▲ 2.86% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.29 ▲ 5.24% DOT 0.85 ▲ 2.21% LTC 44.83 ▲ 3.08% BCH 238.98 ▲ 1.16% TRX 0.33 ▲ 0.39% XLM 0.18 ▲ 2.37% HBAR 0.07 ▲ 0.82% NEAR 2.04 ▲ 6.33% ATOM 1.55 ▲ 1.24% AAVE 99.75 ▲ 5.71% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.29 ▲ 1.25% JBS 11.87 ▲ 0.59% JBS BDR 59.67 ▼ 1.55% MBRF3 16.04 ▲ 2.04% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 0.18% EGX 52,299 ▼ 0.59% USD/ZAR 16.38 ▼ 0.45% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 162.14 ▼ 0.18% USD/CNY 6.7576 ▼ 0.20% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD 1.1431 ▲ 0.39% GBP/USD 1.3383 ▲ 0.25% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD 1.4067 ▼ 0.61% US10Y 4.5790 ▼ 0.65%
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Opinion: A Primer on Brazilian Impeachment

By · April 27, 2016 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – The Curmudgeon is reverting to didactic mode, so if you’re looking for entertainment, you should check out the Nightlife Guide. This column will be an explanation of what is likely to happen during the (for Dilma) not-very-merry month of May.

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In both the United States and Brazil, impeachment is similar to an indictment made by a grand jury. After an indictment has been brought there is a trial by jury to decide whether a defendant is guilty. In both countries, the “grand jury” is the lower house of Congress and the “jury” is the upper house, or Senate.

In Brazil, the Chamber of Deputies has voted, by more than a two-thirds majority, to impeach President Dilma, based on a report prepared by its committee.

It has sent that report to the Senate, but, unlike in the U.S., conducting a trial to determine guilt or innocence is not automatic. Brazil’s Supreme Court (STF) has decided that the Senate itself must decide whether to initiate the trial.

The Senate has taken the first step, by forming an impeachment committee. This committee will, probably by Friday May 6th, vote on whether to recommend a trial. That recommendation will then be submitted to the full Senate.

The latest forecast is that on Wednesday, May 11th, around fifty Senators will vote to confirm the Chamber of Deputies indictment and open a trial to judge whether or not President Dilma commited “crimes de responsabilidade” that justify her being removed from office. If a majority of Senators vote against a trial, the entire proceeding ends, and Dilma will remain President.

If, as forecast, the Senate vote approves a trial, Dilma must immediately step down from the Presidency for up to 180 days. In the U.S., this is not the case. Presidents Andrew Johnson and Bill Clinton were both impeached by the House of Representatives, but did not have to step down during the trial in the Senate. [Both were acquitted by the Senate.]

During the 180 days of Dilma’s involuntary leave (on half pay) Vice President Temer will be Brazil’s President, having all the powers that office confers. These include the powers to appoint Ministers and initiate legislation.

While this may seem surprising, it is less surprising than the constitutional determination that if the President leaves Brazilian territory, the Vice President becomes President during her absence.

In an impeachment trial, the Senate is the jury, and the judge is the Presiding Justice of Brazil’s Supreme Court, not the President of the Senate, so as to avoid any potential conflict of interest, as the President of the Senate is third in line to succeed the President.

At the trial, both sides will prepare and submit their arguments. After all is said and done, a two-thirds vote of the full Senate is required to convict. There are 81 Senators, three from each State, so 54 Senators must vote to convict. An absence or abstention thus has the same practical effect as a vote to acquit.

In the meantime, acting President Temer will be attempting to cobble together a coalition that can govern Brazil. That won’t be easy.

The Curmudgeon predicts that May will be full of dismay for Dilma Rousseff.

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