IBOV 175,739 ▼ 1.20% IPSA 10,928 ▼ 1.17% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 — UNCH BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL5.13▼ 0.12% USD/MXN17.51▼ 0.12% USD/CLP932.70▼ 0.02% USD/COP3,245▼ 0.56% USD/PEN3.40▼ 0.23% USD/ARS1,482▼ 0.07% USD/UYU40.22— 0.00% USD/PYG6,045▼ 0.17% USD/BOB10.35▲ 6.04% USD/DOP58.37▲ 0.49% USD/CRC448.53▲ 1.22% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.41% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▼ 0.25% USD/TTD6.74▲ 1.05% EUR/BRL5.85▲ 0.49% BRENT 86.74 ▲ 4.13% WTI 80.57 ▲ 3.11% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,028 ▲ 0.77% SILVER 58.40 ▲ 1.33% SOY 1,191 ▼ 0.96% CORN 459.00 ▲ 4.85% WHEAT 634.50 ▲ 1.20% COFFEE 336.00 ▼ 1.58% SUGAR 14.81 ▲ 0.41% ORANGE JUICE 137.15 ▼ 7.24% COTTON 82.00 ▲ 2.72% COCOA 5,766 ▲ 1.23% BEEF 230.83 ▼ 1.86% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.58 ▼ 1.54% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.26 ▲ 0.62% GRUMA 281.09 ▼ 0.87% KIMBER 38.20 ▲ 0.34% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,095 ▼ 2.88% PAMPA 5,225 ▲ 0.87% TXAR 661.50 ▼ 1.42% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,324 ▼ 3.01% MIRGOR 17,050 ▼ 1.16% COME 44.85 ▼ 2.31% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,248 ▲ 0.06% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,618 ▲ 0.61% ETH 1,786 ▲ 0.70% SOL 75.04 ▲ 0.24% XRP 1.07 ▲ 0.29% BNB 569.64 ▲ 0.53% ADA 0.16 ▲ 0.87% DOGE 0.07 ▲ 0.36% AVAX 6.48 ▲ 0.56% LINK 7.93 ▲ 0.77% DOT 0.85 ▲ 1.13% LTC 43.75 ▲ 0.60% BCH 236.34 ▲ 0.04% TRX 0.32 ▲ 0.17% XLM 0.18 ▼ 1.33% HBAR 0.07 ▼ 0.82% NEAR 1.99 ▲ 3.51% ATOM 1.52 ▼ 0.98% AAVE 96.08 ▲ 1.82% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.03 ▲ 0.33% INTER 5.65 ▼ 2.92% EGX 52,253 ▼ 0.68% USD/ZAR16.48▲ 0.01% USD/NGN 1,378 — 0.00% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,035 ▼ 0.73% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY162.16▼ 0.17% USD/CNY6.78▼ 0.02% DAX 24,965 ▼ 0.59% CAC 8,297 ▼ 0.81% FTSE 10,446 ▼ 0.50% MIB 52,497 ▼ 0.59% IBEX 19,164 ▼ 0.89% STOXX 637.12 ▼ 0.61% EUR/USD1.14▲ 0.18% GBP/USD1.34▼ 0.04% SPX 7,515 ▼ 0.79% DJI 52,499 ▼ 0.26% NDX 29,264 ▼ 1.88% RUT 2,953 ▼ 0.83% TSX 35,253 ▼ 0.15% VIX 17.30 ▲ 0.82% USD/CAD1.41▼ 0.49% US10Y 4.6090 ▲ 0.88% IBOV 175,739 ▼ 1.20% IPSA 10,928 ▼ 1.17% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 — UNCH BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL 5.13 ▼ 0.12% USD/MXN 17.51 ▼ 0.12% USD/CLP 932.70 ▼ 0.02% USD/COP 3,245 ▼ 0.56% USD/PEN 3.40 ▼ 0.23% USD/ARS 1,482 ▼ 0.07% USD/UYU 40.22 ▲ 0.96% USD/PYG 6,045 ▲ 1.22% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.37 ▲ 0.49% USD/CRC 448.53 ▲ 1.22% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.41% 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 157.69 ▲ 0.70% USD/TTD 6.74 ▲ 1.05% EUR/BRL 5.85 ▲ 0.49% BRENT 86.74 ▲ 4.13% WTI 80.57 ▲ 3.11% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,028 ▲ 0.77% SILVER 58.40 ▲ 1.33% SOY 1,191 ▼ 0.96% CORN 459.00 ▲ 4.85% WHEAT 634.50 ▲ 1.20% COFFEE 336.00 ▼ 1.58% SUGAR 14.81 ▲ 0.41% ORANGE JUICE 137.15 ▼ 7.24% COTTON 82.00 ▲ 2.72% COCOA 5,766 ▲ 1.23% BEEF 230.83 ▼ 1.86% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.58 ▼ 1.54% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.26 ▲ 0.62% GRUMA 281.09 ▼ 0.87% KIMBER 38.20 ▲ 0.34% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,095 ▼ 2.88% PAMPA 5,225 ▲ 0.87% TXAR 661.50 ▼ 1.42% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,324 ▼ 3.01% MIRGOR 17,050 ▼ 1.16% COME 44.85 ▼ 2.31% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,248 ▲ 0.06% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,618 ▲ 0.61% ETH 1,786 ▲ 0.70% SOL 75.04 ▲ 0.24% XRP 1.07 ▲ 0.29% BNB 569.64 ▲ 0.53% ADA 0.16 ▲ 0.87% DOGE 0.07 ▲ 0.36% AVAX 6.48 ▲ 0.56% LINK 7.93 ▲ 0.77% DOT 0.85 ▲ 1.13% LTC 43.75 ▲ 0.60% BCH 236.34 ▲ 0.04% TRX 0.32 ▲ 0.17% XLM 0.18 ▼ 1.33% HBAR 0.07 ▼ 0.82% NEAR 1.99 ▲ 3.51% ATOM 1.52 ▼ 0.98% AAVE 96.08 ▲ 1.82% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.03 ▲ 0.33% INTER 5.65 ▼ 2.92% EGX 52,253 ▼ 0.68% USD/ZAR 16.48 ▲ 0.13% USD/NGN 1,378 — 0.00% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,035 ▼ 0.73% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 162.18 ▼ 0.16% USD/CNY 6.7775 ▲ 0.10% DAX 24,965 ▼ 0.59% CAC 8,297 ▼ 0.81% FTSE 10,446 ▼ 0.50% MIB 52,497 ▼ 0.59% IBEX 19,164 ▼ 0.89% STOXX 637.12 ▼ 0.61% EUR/USD 1.1404 ▲ 0.15% GBP/USD 1.3380 ▲ 0.23% SPX 7,515 ▼ 0.79% DJI 52,499 ▼ 0.26% NDX 29,264 ▼ 1.88% RUT 2,953 ▼ 0.83% TSX 35,253 ▼ 0.15% VIX 17.30 ▲ 0.82% USD/CAD 1.4085 ▼ 0.48% US10Y 4.6090 ▲ 0.88%
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Opinion: Brazil Crosses the Rubicon

By · May 12, 2016 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – In the year 49 BC, Julius Caesar, upon crossing the Rubicon river in northern Italy, famously stated “alea iacta est” or “the die is cast”. At 6:20 this morning, Brazil’s Senate crossed the impeachment Rubicon by voting, 55 to 22, to begin the trial of Brazil’s President for “crimes of accountability”—the equivalent to the US concept of “high crimes and misdemeanors”.

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This decision means that, starting today, for the next 180 days, Brazil’s President is Michel Miguel Elias Temer Lulia — yes, that’s his full name. Although he is officially only an interim or acting President, he has all the powers of the Presidency.

There are two principal ways the 180 day period can be reduced. One of those is for the trial to be conducted in rapid fashion and the verdict (guilty or innocent) reached in, say, 100 days. Dilma will either be permanently removed from office or returned to office.

The best way to reduce the 180 day period, of course, is for Dilma to resign.

In a prior column, the Curmudgeon opined “It remains to be seen whether at least 54 Senators agree that, because of the high level of accountability of the President what Dilma did constitutes a high crime or misdemeanor.”

In view of today’s vote, where 55 Senators agreed that Dilma should stand trial, there is no longer any doubt about the outcome of the trial. It is inconceivable that any Senators, having decided there should be a trial after hearing all the arguments, would change their minds and vote against impeachment. Alea iacta est.

Given this inevitably fatal scenario, why should Dilma cling to the title? She should follow the example of Richard Nixon and Fernando Collor de Mello and resign before the trial is held.

The Curmudgeon does not apologize for importing historical terminology.

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