IBOV 176,305 ▲ 0.32% IPSA 10,928 ▲ 0.16% IPC MEX 66,762 ▲ 1.20% MERVAL 3,271,003 ▲ 1.10% COLCAP 2,300.83 ▼ 0.30% BVL PERÚ 56,428.20 ▲ 2.30% USD/BRL5.07▼ 1.30% USD/MXN17.39▼ 0.80% USD/CLP924.09▼ 0.94% USD/COP3,249▼ 0.43% USD/PEN3.39▼ 0.58% USD/ARS1,477▼ 0.40% 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▼ 0.34% BRENT 84.42 ▲ 1.34% WTI 78.71 ▲ 0.73% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.18% GOLD 4,091 ▲ 2.35% SILVER 59.61 ▲ 3.43% SOY 1,191 ▼ 0.96% CORN 460.00 ▲ 5.08% WHEAT 641.25 ▲ 2.27% COFFEE 337.55 ▼ 1.13% SUGAR 14.81 ▲ 0.41% ORANGE JUICE 136.20 ▼ 4.45% COTTON 81.07 ▲ 1.55% COCOA 5,607 ▼ 1.56% BEEF 228.03 ▼ 2.85% CATTLE 349.20 ▼ 1.45% LITHIUM 71.50 ▲ 1.79% PETR4 40.55 ▼ 0.27% VALE3 74.18 ▲ 1.83% ITUB4 43.65 ▲ 0.30% BBDC4 18.74 ▼ 0.16% ABEV3 15.93 ▲ 0.63% BBAS3 20.48 ▲ 1.19% B3SA3 15.28 ▲ 1.06% WEGE3 44.35 ▼ 0.09% PRIO3 56.96 ▼ 0.42% SUZB3 40.88 ▼ 1.47% RENT3 40.32 ▲ 0.30% AZZA3 18.79 ▼ 2.24% CSAN3 3.87 ▼ 0.77% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.94 — 0.00% PSSA3 54.24 ▲ 0.37% CVCB3 1.28 ▲ 2.40% POSI3 3.95 ▼ 1.00% SLCE3 13.76 ▼ 0.79% NATU3 8.46 ▼ 1.63% BRKM5 6.81 ▼ 1.87% RANI3 7.98 ▲ 0.38% CSNA3 5.15 ▼ 1.72% CMIN3 5.28 ▼ 3.12% USIM5 8.29 ▼ 1.07% GGBR4 23.10 ▲ 1.23% ENEV3 26.85 ▼ 0.11% CPFE3 46.95 ▲ 0.23% CMIG4 11.10 ▲ 0.27% EQTL3 40.86 ▲ 1.62% LREN3 14.15 — 0.00% VIVT3 35.28 ▲ 1.58% RAIL3 14.05 ▼ 0.43% KLABIN 17.33 ▼ 0.86% RAIA DROGASIL 18.46 ▲ 1.43% RDOR3 35.86 ▲ 0.84% HAPV3 10.65 ▲ 1.82% FLRY3 16.24 ▲ 0.56% SMTO3 16.31 ▼ 0.37% UGPA3 29.62 ▼ 4.24% VBBR3 32.66 ▼ 0.31% BBSE3 40.29 ▲ 0.02% BPAC11 58.28 ▲ 1.32% CURY3 32.74 ▼ 1.15% AERI3 2.08 — 0.00% VIVARA 23.22 ▲ 0.48% COMPASS 25.08 ▲ 1.25% VAMOS 3.01 ▼ 0.33% SANB11 27.48 ▲ 0.40% ASAI3 8.61 ▼ 1.15% SBSP3 30.42 ▲ 0.16% WALMEX 49.47 ▼ 0.36% GMEXICO 203.23 ▲ 3.91% FEMSA 231.17 ▲ 2.58% CEMEX 22.59 ▲ 3.72% GFNORTE 185.52 ▲ 1.89% BIMBO 56.02 ▲ 0.27% TELEVISA 9.57 ▼ 0.42% AMX 22.88 ▲ 1.28% GAP 388.00 ▼ 4.95% ASUR 278.75 ▲ 0.03% OMA 233.95 ▲ 0.27% KOF 181.22 ▼ 0.25% GRUMA 280.01 ▼ 0.48% KIMBER 38.28 ▲ 0.16% SQM-B 67,765 ▲ 0.82% COPEC 6,015 ▼ 0.70% BSANTANDER 79.20 ▲ 1.28% FALABELLA 5,917 ▲ 0.19% ENELAM 84.78 ▲ 0.69% CENCOSUD 2,050 ▲ 0.49% CMPC 1,067 ▼ 1.02% BANCO CHILE 188.10 ▲ 1.68% LATAM AIR 24.44 ▼ 1.85% YPF 78,250 ▲ 1.39% GGAL 8,240 ▲ 1.98% PAMPA 5,235 ▲ 0.19% TXAR 665.50 ▲ 0.15% ALUAR 961.00 ▼ 0.36% TGS 9,660 ▲ 0.94% CEPU 2,329 ▲ 0.43% MIRGOR 17,000 — 0.00% COME 45.63 ▲ 1.90% LOMA NEGRA 3,543 ▲ 1.29% BYMA 308.00 ▼ 0.08% TELECOM ARG 4,283 ▲ 0.76% ECOPETROL 15.84 ▼ 0.25% BANCOLOMBIA 82.23 ▲ 2.25% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 395.11 ▲ 1.51% SOUTHERN COPPER 182.03 ▲ 4.30% BUENAVENTURA 30.98 ▲ 3.87% MERCADOLIBRE 1,887 ▲ 1.04% NUBANK 14.10 ▲ 3.11% XP 16.60 ▲ 1.37% PAGSEGURO 9.25 ▼ 0.38% STONE 11.21 ▲ 0.49% GLOBANT 31.45 ▼ 2.10% TECNOGLASS 43.11 ▲ 0.63% GAP AIRPORT 223.23 ▼ 4.10% ASUR 278.75 ▲ 0.03% OMA AIRPORT 107.40 ▲ 1.20% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 132.92 ▲ 3.03% CEMEX ADR 12.97 ▲ 4.14% PETROBRAS ADR 17.93 ▲ 0.25% VALE ADR 14.60 ▲ 2.93% ITAU ADR 8.60 ▲ 1.48% SANTANDER BR 5.45 ▲ 1.78% AMBEV ADR 3.11 ▲ 1.63% CSN 1.03 — 0.00% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.52 ▲ 0.35% BTC 64,237 ▲ 3.21% ETH 1,876 ▲ 5.76% SOL 77.18 ▲ 3.10% XRP 1.10 ▲ 3.33% BNB 580.88 ▲ 2.51% ADA 0.16 ▲ 4.31% DOGE 0.07 ▲ 3.52% AVAX 6.64 ▲ 3.04% LINK 8.32 ▲ 5.63% DOT 0.85 ▲ 1.73% LTC 44.57 ▲ 2.49% BCH 239.64 ▲ 1.44% TRX 0.33 ▲ 0.42% XLM 0.18 ▲ 1.92% HBAR 0.07 ▲ 0.85% NEAR 2.04 ▲ 6.38% ATOM 1.56 ▲ 1.56% AAVE 98.44 ▲ 4.32% SELIC 14.25% EMBRAER 82.79 ▼ 0.27% EMBRAER ADR 65.35 ▲ 1.35% JBS 11.73 ▼ 0.59% JBS BDR 59.43 ▼ 1.95% MBRF3 15.86 ▲ 0.89% MBRFY 3.08 ▲ 0.98% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR16.32▼ 0.93% 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/JPY161.93▼ 0.31% USD/CNY6.76▼ 0.32% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD1.15▲ 0.61% GBP/USD1.34▲ 0.16% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD1.41▼ 0.73% US10Y 4.5710 ▼ 0.82% IBOV 176,305 ▲ 0.32% IPSA 10,928 ▲ 0.16% IPC MEX 66,762 ▲ 1.20% MERVAL 3,271,003 ▲ 1.10% COLCAP 2,300.83 ▼ 0.30% BVL PERÚ 56,428.20 ▲ 2.30% USD/BRL 5.07 ▼ 1.30% USD/MXN 17.39 ▼ 0.80% USD/CLP 924.09 ▼ 0.94% USD/COP 3,249 ▼ 0.43% USD/PEN 3.39 ▼ 0.58% USD/ARS 1,478 ▼ 0.37% 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 ▼ 0.34% BRENT 84.42 ▲ 1.34% WTI 78.71 ▲ 0.73% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.18% GOLD 4,091 ▲ 2.35% SILVER 59.61 ▲ 3.43% SOY 1,191 ▼ 0.96% CORN 460.00 ▲ 5.08% WHEAT 641.25 ▲ 2.27% COFFEE 337.55 ▼ 1.13% SUGAR 14.81 ▲ 0.41% ORANGE JUICE 136.20 ▼ 4.45% COTTON 81.07 ▲ 1.55% COCOA 5,607 ▼ 1.56% BEEF 228.03 ▼ 2.85% CATTLE 349.20 ▼ 1.45% LITHIUM 71.50 ▲ 1.79% PETR4 40.55 ▼ 0.27% VALE3 74.18 ▲ 1.83% ITUB4 43.65 ▲ 0.30% BBDC4 18.74 ▼ 0.16% ABEV3 15.93 ▲ 0.63% BBAS3 20.48 ▲ 1.19% B3SA3 15.28 ▲ 1.06% WEGE3 44.35 ▼ 0.09% PRIO3 56.96 ▼ 0.42% SUZB3 40.88 ▼ 1.47% RENT3 40.32 ▲ 0.30% AZZA3 18.79 ▼ 2.24% CSAN3 3.87 ▼ 0.77% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.94 — 0.00% PSSA3 54.24 ▲ 0.37% CVCB3 1.28 ▲ 2.40% POSI3 3.95 ▼ 1.00% SLCE3 13.76 ▼ 0.79% NATU3 8.46 ▼ 1.63% BRKM5 6.81 ▼ 1.87% RANI3 7.98 ▲ 0.38% CSNA3 5.15 ▼ 1.72% CMIN3 5.28 ▼ 3.12% USIM5 8.29 ▼ 1.07% GGBR4 23.10 ▲ 1.23% ENEV3 26.85 ▼ 0.11% CPFE3 46.95 ▲ 0.23% CMIG4 11.10 ▲ 0.27% EQTL3 40.86 ▲ 1.62% LREN3 14.15 — 0.00% VIVT3 35.28 ▲ 1.58% RAIL3 14.05 ▼ 0.43% KLABIN 17.33 ▼ 0.86% RAIA DROGASIL 18.46 ▲ 1.43% RDOR3 35.86 ▲ 0.84% HAPV3 10.65 ▲ 1.82% FLRY3 16.24 ▲ 0.56% SMTO3 16.31 ▼ 0.37% UGPA3 29.62 ▼ 4.24% VBBR3 32.66 ▼ 0.31% BBSE3 40.29 ▲ 0.02% BPAC11 58.28 ▲ 1.32% CURY3 32.74 ▼ 1.15% AERI3 2.08 — 0.00% VIVARA 23.22 ▲ 0.48% COMPASS 25.08 ▲ 1.25% VAMOS 3.01 ▼ 0.33% SANB11 27.48 ▲ 0.40% ASAI3 8.61 ▼ 1.15% SBSP3 30.42 ▲ 0.16% WALMEX 49.47 ▼ 0.36% GMEXICO 203.23 ▲ 3.91% FEMSA 231.17 ▲ 2.58% CEMEX 22.59 ▲ 3.72% GFNORTE 185.52 ▲ 1.89% BIMBO 56.02 ▲ 0.27% TELEVISA 9.57 ▼ 0.42% AMX 22.88 ▲ 1.28% GAP 388.00 ▼ 4.95% ASUR 278.75 ▲ 0.03% OMA 233.95 ▲ 0.27% KOF 181.22 ▼ 0.25% GRUMA 280.01 ▼ 0.48% KIMBER 38.28 ▲ 0.16% SQM-B 67,765 ▲ 0.82% COPEC 6,015 ▼ 0.70% BSANTANDER 79.20 ▲ 1.28% FALABELLA 5,917 ▲ 0.19% ENELAM 84.78 ▲ 0.69% CENCOSUD 2,050 ▲ 0.49% CMPC 1,067 ▼ 1.02% BANCO CHILE 188.10 ▲ 1.68% LATAM AIR 24.44 ▼ 1.85% YPF 78,250 ▲ 1.39% GGAL 8,240 ▲ 1.98% PAMPA 5,235 ▲ 0.19% TXAR 665.50 ▲ 0.15% ALUAR 961.00 ▼ 0.36% TGS 9,660 ▲ 0.94% CEPU 2,329 ▲ 0.43% MIRGOR 17,000 — 0.00% COME 45.63 ▲ 1.90% LOMA NEGRA 3,543 ▲ 1.29% BYMA 308.00 ▼ 0.08% TELECOM ARG 4,283 ▲ 0.76% ECOPETROL 15.84 ▼ 0.25% BANCOLOMBIA 82.23 ▲ 2.25% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 395.11 ▲ 1.51% SOUTHERN COPPER 182.03 ▲ 4.30% BUENAVENTURA 30.98 ▲ 3.87% MERCADOLIBRE 1,887 ▲ 1.04% NUBANK 14.10 ▲ 3.11% XP 16.60 ▲ 1.37% PAGSEGURO 9.25 ▼ 0.38% STONE 11.21 ▲ 0.49% GLOBANT 31.45 ▼ 2.10% TECNOGLASS 43.11 ▲ 0.63% GAP AIRPORT 223.23 ▼ 4.10% ASUR 278.75 ▲ 0.03% OMA AIRPORT 107.40 ▲ 1.20% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 132.92 ▲ 3.03% CEMEX ADR 12.97 ▲ 4.14% PETROBRAS ADR 17.93 ▲ 0.25% VALE ADR 14.60 ▲ 2.93% ITAU ADR 8.60 ▲ 1.48% SANTANDER BR 5.45 ▲ 1.78% AMBEV ADR 3.11 ▲ 1.63% CSN 1.03 — 0.00% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.52 ▲ 0.35% BTC 64,237 ▲ 3.21% ETH 1,876 ▲ 5.76% SOL 77.18 ▲ 3.10% XRP 1.10 ▲ 3.33% BNB 580.88 ▲ 2.51% ADA 0.16 ▲ 4.31% DOGE 0.07 ▲ 3.52% AVAX 6.64 ▲ 3.04% LINK 8.32 ▲ 5.63% DOT 0.85 ▲ 1.73% LTC 44.57 ▲ 2.49% BCH 239.64 ▲ 1.44% TRX 0.33 ▲ 0.42% XLM 0.18 ▲ 1.92% HBAR 0.07 ▲ 0.85% NEAR 2.04 ▲ 6.38% ATOM 1.56 ▲ 1.56% AAVE 98.44 ▲ 4.32% SELIC 14.25% EMBRAER 82.79 ▼ 0.27% EMBRAER ADR 65.35 ▲ 1.35% JBS 11.73 ▼ 0.59% JBS BDR 59.43 ▼ 1.95% MBRF3 15.86 ▲ 0.89% MBRFY 3.08 ▲ 0.98% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR 16.33 ▼ 0.78% 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 161.97 ▼ 0.29% USD/CNY 6.7695 ▼ 0.02% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD 1.1448 ▲ 0.54% GBP/USD 1.3407 ▲ 0.43% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD 1.4056 ▼ 0.69% US10Y 4.5710 ▼ 0.82%
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Opinion: Impeachment Observations for International Audiences

By · September 1, 2016 · 3 min read

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Opinion, by Simon Thomas

RIO DE JANEIRO, BRAZIL – “In Australia the impeachment has already occurred” so the meme spread Tuesday in Brazil, referencing a common phrase uttered on New Year’s Eve in the country. Being from the land down under, it felt like a call to jot down some final points on the saga and clarify some common misconceptions circulating in international media channels.

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First, when it comes to the legality of the impeachment, it’s all about the spin. Most English-language reports I have seen over the last few days, and throughout the impeachment process for that matter, have presented the key aspects of the situation fairly accurately, to give them credit, yet have taken great liberties in adding their own spin (or at least that of certain Brazilian commentators of certain political persuasions) to the story.

Most reports* will state, correctly, that Dilma did indeed dress up her pre-election accounts (to make herself look better and subsequently win a very close decision), did use (massive amounts of) credit illegally to continue funding specific programs (of her choosing and that just happened to involve certain voting blocs), and did it all without (so much as a thought of) seeking congressional approval, as demanded by law. (* The majority won´t include the very pertinent additional bits of information I have included above in parentheses).

Case closed, you might think. No president in a democratic state could get away with those things, you might think. Steady on. Most reports, soon after these admissions, will go straight into a much more detailed analysis of every other aspect of Brazil´s ongoing political and economic struggles, especially the massive corruption case involving huge swathes of federal politicians (including many of those directing the impeachment proceedings), usually in a way that implicitly and sometimes even explicitly seeks to soften Dilma´s own wrongdoings and suggest her crimes are somehow excusable, often to the point that the obvious message is that Brazil would be better off with a moderate law-breaker like Dilma in place of an almost certainly corrupt yet democratically legitimate successor.

And it is here that one must step in and bring some sanity back to proceedings. For no matter what others have done, or are doing, is it not the right of the citizenry, the voting public, to expect the rule of law to apply to all subjects, especially the most powerful? If the successor is corrupt, does this excuse the crimes of the predecessor? Is it not more prudent to seek to expose all the crimes of all involved and punish accordingly rather than create a scale of criminal acceptability that rewards arbitrarily?

As arrogant as this seems, most international sources, again, led by their Brazilian counterparts, openly advocate for this kind of wrongdoing relativity to gloss over the facts at hand and push the case that the whole thing is really a coup and that Dilma has been ousted by a corrupt bunch of cowboys that will inevitably go on to rule the country and excuse all future crookedness. As if there is absolutely no hope that the successful fight against corruption will continue post-Dilma, that the big bad boys (and gals) will continue to fall, and that Brazil is now mature enough to clean up its own house, as short or long a time as that may take.

In the end, no matter what commentators think, Dilma has fallen, and a new phase in Brazil´s development has begun.

I can only suggest that, just as when Andy Dufresne said to the cynical Red that “hope is a good thing, maybe the best of things”, Brazil should be given more respect as it seeks to establish a fairer and more functional government, and never simply settle for the lesser of two evils.

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