IBOV 176,227 ▲ 0.28% IPSA 10,928 ▲ 0.16% IPC MEX 66,725 ▲ 1.14% MERVAL 3,238,659 ▲ 0.10% COLCAP 2,300.76 ▼ 0.30% BVL PERÚ 56,428.20 ▲ 1.50% USD/BRL5.07▼ 1.25% USD/MXN17.43▼ 0.59% USD/CLP923.80▼ 0.98% USD/COP3,253▼ 0.30% USD/PEN3.39▼ 0.65% USD/ARS1,473▼ 0.67% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.34▲ 0.44% 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▼ 0.36% BRENT 84.78 ▲ 1.78% WTI 79.09 ▲ 1.22% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,067 ▲ 1.74% SILVER 59.10 ▲ 2.54% SOY 1,192 ▼ 0.83% CORN 460.75 ▲ 5.25% WHEAT 646.75 ▲ 3.15% COFFEE 326.65 ▼ 4.32% SUGAR 14.89 ▲ 0.95% ORANGE JUICE 138.80 ▼ 2.63% COTTON 81.68 ▲ 2.32% COCOA 5,901 ▲ 3.60% BEEF 231.80 ▼ 1.25% CATTLE 349.40 ▼ 1.40% LITHIUM 71.40 ▲ 1.65% PETR4 40.82 ▲ 0.39% VALE3 74.08 ▲ 1.69% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.89 ▲ 0.38% BBAS3 20.50 ▲ 1.28% B3SA3 15.32 ▲ 1.32% WEGE3 44.25 ▼ 0.32% PRIO3 57.03 ▼ 0.30% SUZB3 41.14 ▼ 0.84% RENT3 40.35 ▲ 0.37% AZZA3 18.81 ▼ 2.13% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.07 ▲ 0.06% CVCB3 1.28 ▲ 2.40% POSI3 3.94 ▼ 1.25% SLCE3 13.71 ▼ 1.15% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.20 ▼ 0.76% CMIN3 5.22 ▼ 4.22% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.82 ▼ 0.22% CPFE3 47.02 ▲ 0.38% CMIG4 11.12 ▲ 0.45% EQTL3 40.48 ▲ 0.67% LREN3 14.13 ▼ 0.14% VIVT3 35.30 ▲ 1.64% RAIL3 14.14 ▲ 0.21% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.60 ▲ 0.11% HAPV3 10.68 ▲ 2.10% FLRY3 16.31 ▲ 0.99% SMTO3 16.22 ▼ 0.92% UGPA3 30.25 ▼ 2.20% VBBR3 32.86 ▲ 0.31% BBSE3 40.15 ▼ 0.32% BPAC11 58.01 ▲ 0.85% CURY3 32.86 ▼ 0.79% AERI3 2.09 ▲ 0.48% VIVARA 23.26 ▲ 0.65% COMPASS 25.13 ▲ 1.45% VAMOS 3.05 ▲ 0.99% SANB11 27.32 ▼ 0.18% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.59 ▲ 3.07% FEMSA 233.69 ▲ 3.70% CEMEX 22.15 ▲ 1.70% GFNORTE 186.99 ▲ 2.70% BIMBO 56.37 ▲ 0.89% TELEVISA 9.48 ▼ 1.35% AMX 22.86 ▲ 1.20% GAP 386.93 ▼ 5.21% ASUR 278.43 ▼ 0.08% OMA 233.96 ▲ 0.27% KOF 182.17 ▲ 0.50% GRUMA 283.44 ▲ 0.74% KIMBER 38.46 ▲ 0.63% SQM-B 67,880 ▲ 1.00% COPEC 6,082 ▲ 0.41% BSANTANDER 78.65 ▲ 0.58% FALABELLA 5,889 ▼ 0.27% ENELAM 85.49 ▲ 1.53% CENCOSUD 2,064 ▲ 1.19% CMPC 1,081 ▲ 0.26% BANCO CHILE 188.12 ▲ 1.69% LATAM AIR 24.60 ▼ 1.20% YPF 77,375 ▲ 0.26% GGAL 8,025 ▼ 0.68% PAMPA 5,210 ▼ 0.29% TXAR 664.00 ▼ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,725 ▲ 1.62% CEPU 2,300 ▼ 0.82% MIRGOR 16,825 ▼ 1.03% COME 45.16 ▲ 0.85% LOMA NEGRA 3,565 ▲ 1.93% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.05 ▲ 1.07% BANCOLOMBIA 81.99 ▲ 1.95% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 390.96 ▲ 0.45% SOUTHERN COPPER 180.16 ▲ 3.23% BUENAVENTURA 30.80 ▲ 3.29% MERCADOLIBRE 1,878 ▲ 0.56% NUBANK 14.01 ▲ 2.45% XP 16.83 ▲ 2.78% PAGSEGURO 9.25 ▼ 0.38% STONE 11.23 ▲ 0.67% GLOBANT 31.86 ▼ 0.81% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 222.39 ▼ 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SILVER 59.10 ▲ 2.54% SOY 1,192 ▼ 0.83% CORN 460.75 ▲ 5.25% WHEAT 646.75 ▲ 3.15% COFFEE 326.65 ▼ 4.32% SUGAR 14.89 ▲ 0.95% ORANGE JUICE 138.80 ▼ 2.63% COTTON 81.68 ▲ 2.32% COCOA 5,901 ▲ 3.60% BEEF 231.80 ▼ 1.25% CATTLE 349.40 ▼ 1.40% LITHIUM 71.40 ▲ 1.65% PETR4 40.82 ▲ 0.39% VALE3 74.08 ▲ 1.69% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.89 ▲ 0.38% BBAS3 20.50 ▲ 1.28% B3SA3 15.32 ▲ 1.32% WEGE3 44.25 ▼ 0.32% PRIO3 57.03 ▼ 0.30% SUZB3 41.14 ▼ 0.84% RENT3 40.35 ▲ 0.37% AZZA3 18.81 ▼ 2.13% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.07 ▲ 0.06% CVCB3 1.28 ▲ 2.40% POSI3 3.94 ▼ 1.25% SLCE3 13.71 ▼ 1.15% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.02 ▲ 0.88% CSNA3 5.20 ▼ 0.76% CMIN3 5.22 ▼ 4.22% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.82 ▼ 0.22% CPFE3 47.02 ▲ 0.38% CMIG4 11.12 ▲ 0.45% EQTL3 40.48 ▲ 0.67% LREN3 14.13 ▼ 0.14% VIVT3 35.30 ▲ 1.64% RAIL3 14.14 ▲ 0.21% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.38 ▲ 0.99% RDOR3 35.60 ▲ 0.11% HAPV3 10.68 ▲ 2.10% FLRY3 16.31 ▲ 0.99% SMTO3 16.22 ▼ 0.92% UGPA3 30.25 ▼ 2.20% VBBR3 32.86 ▲ 0.31% BBSE3 40.15 ▼ 0.32% BPAC11 58.01 ▲ 0.85% CURY3 32.86 ▼ 0.79% AERI3 2.09 ▲ 0.48% VIVARA 23.26 ▲ 0.65% COMPASS 25.13 ▲ 1.45% VAMOS 3.05 ▲ 0.99% SANB11 27.32 ▼ 0.18% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.59 ▲ 3.07% FEMSA 233.69 ▲ 3.70% CEMEX 22.15 ▲ 1.70% GFNORTE 186.99 ▲ 2.70% BIMBO 56.37 ▲ 0.89% TELEVISA 9.48 ▼ 1.35% AMX 22.86 ▲ 1.20% GAP 386.93 ▼ 5.21% ASUR 278.43 ▼ 0.08% OMA 233.96 ▲ 0.27% KOF 182.17 ▲ 0.50% GRUMA 283.44 ▲ 0.74% KIMBER 38.46 ▲ 0.63% SQM-B 67,880 ▲ 1.00% COPEC 6,082 ▲ 0.41% BSANTANDER 78.65 ▲ 0.58% FALABELLA 5,889 ▼ 0.27% ENELAM 85.49 ▲ 1.53% CENCOSUD 2,064 ▲ 1.19% CMPC 1,081 ▲ 0.26% BANCO CHILE 188.12 ▲ 1.69% LATAM AIR 24.60 ▼ 1.20% YPF 77,375 ▲ 0.26% GGAL 8,025 ▼ 0.68% PAMPA 5,210 ▼ 0.29% TXAR 664.00 ▼ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,725 ▲ 1.62% CEPU 2,300 ▼ 0.82% MIRGOR 16,825 ▼ 1.03% COME 45.16 ▲ 0.85% LOMA NEGRA 3,565 ▲ 1.93% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.05 ▲ 1.07% BANCOLOMBIA 81.99 ▲ 1.95% GRUPO AVAL 4.92 ▲ 0.20% CREDICORP 390.96 ▲ 0.45% SOUTHERN COPPER 180.16 ▲ 3.23% BUENAVENTURA 30.80 ▲ 3.29% MERCADOLIBRE 1,878 ▲ 0.56% NUBANK 14.01 ▲ 2.45% XP 16.83 ▲ 2.78% PAGSEGURO 9.25 ▼ 0.38% STONE 11.23 ▲ 0.67% GLOBANT 31.86 ▼ 0.81% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 222.39 ▼ 4.46% ASUR 278.43 ▼ 0.08% OMA AIRPORT 107.40 ▲ 1.20% AMX ADR 26.25 ▲ 0.85% FEMSA ADR 134.15 ▲ 3.98% CEMEX ADR 12.72 ▲ 2.17% PETROBRAS ADR 18.00 ▲ 0.64% VALE ADR 14.56 ▲ 2.64% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.11 ▲ 1.63% CSN 1.03 ▼ 0.49% GERDAU 4.57 ▲ 1.78% LATAM ADR 53.46 ▲ 0.24% BTC 64,712 ▲ 3.97% ETH 1,872 ▲ 5.54% SOL 77.28 ▲ 3.23% XRP 1.10 ▲ 3.64% BNB 581.53 ▲ 2.63% ADA 0.17 ▲ 5.26% DOGE 0.07 ▲ 3.73% AVAX 6.65 ▲ 3.19% LINK 8.27 ▲ 5.06% DOT 0.86 ▲ 2.45% LTC 44.62 ▲ 2.60% BCH 237.99 ▲ 0.74% TRX 0.32 ▲ 0.24% XLM 0.18 ▲ 2.39% HBAR 0.07 ▲ 0.43% NEAR 2.03 ▲ 6.06% ATOM 1.55 ▲ 1.04% AAVE 100.00 ▲ 5.98% 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Opinion: Brazil’s Stillborn Electoral “Reform”

By · September 22, 2017 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – To the surprise of no one who has observed the actions of the Brazilian Federal Chamber of Deputies over the past year, the much-anticipated and much-needed “electoral reform” has now been scuttled.

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The Chamber resoundingly voted against a proposed constitutional amendment (PEC) that would have created, for the 2018 elections, a discredited electoral system called the “distritão” that treats each state as a congressional district, and ensures (as the current system does not) that the candidates with the most votes are seated, no matter which party they belong to.

The PEC also provided that in 2022, Brazil’s parliament would be elected under a “mixed” system similar to that used in Germany, where members are elected based on smaller geographical districts and political party affiliation, thus making them far more accountable to voters. This is anathema to most politicians, so the PEC died.

The PEC further provided for a new campaign fund to be distributed to parties and politicians, using taxpayer dollars; that died aborning as soon as the public realized that there is already an extremely munificent fund in existence, siphoned off to all registered political parties even if they have no elected representatives.

There is, on the other hand, a separate PEC that provides some hope for the reformists, because it prohibits the use of “coalitions” of parties for elections; these coalitions have resulted in around 10% of seated parliament members not having received as many votes as other candidates in their districts — clearly undemocratic.

Yesterday, however, the Chamber voted that coalitions would continue to be valid in 2018, and only disappear in 2022, to be replaced by amorphous “federations”, which are really coalition wolves wearing sheep’s clothing. In other words, business as usual; nothing will change; the wolves always win.

The same separate PEC includes the one last best hope for an actual improvement — a “barrier” or “performance” clause that would restrict access to government funding and “free” political TV advertising time. Parties that do not meet the minimum threshold of votes will not be funded, which is fatal in a country where corporations cannot make political contributions.

Late Wednesday night, however, Congress couldn’t bring itself to vote on the proposal, and put it off till next Tuesday, September 26th. The delay is because the proposed barrier is 1.5 percent of the total popular vote, and there are at least a dozen parties in Congress that have never gotten that many votes.

No one in either the Chamber or the Senate is truly interested in seeing the minuscule “parties for hire” fall by the wayside. They are useful in forming election coalitions, bringing in votes, and because they are small, they don’t make large demands on the spoils system now used to reward parties that cooperate with the administration.

The Curmudgeon fully expects that, come next Wednesday, Brazil will be treated to the spectacle of a Congress whose members have agreed that the electoral system needs significant change, but who refuse to do so, because that might mean losing their legislative seats.

Disappointed and frustrated, some voters are starting to have fond remembrances of the military dictatorship, where political parties were unimportant. Having lived in Brazil during that time, the Curmudgeon knows that would be a disaster.

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