IBOV 175,967 ▲ 0.13% IPSA 10,928 ▲ 0.16% IPC MEX 66,689 ▲ 1.08% MERVAL 3,231,038 ▼ 0.13% COLCAP 2,292.84 ▼ 0.64% BVL PERÚ 56,428.20 ▲ 1.53% USD/BRL5.07▼ 1.23% USD/MXN17.43▼ 0.58% USD/CLP924.91▼ 0.86% USD/COP3,250▼ 0.39% USD/PEN3.39▼ 0.66% USD/ARS1,473▼ 0.71% 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/JMD156.98▲ 0.25% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.43% BRENT 84.64 ▲ 1.61% WTI 79.13 ▲ 1.27% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.21% GOLD 4,069 ▲ 1.79% SILVER 59.13 ▲ 2.60% SOY 1,192 ▼ 0.81% CORN 460.75 ▲ 5.25% WHEAT 645.75 ▲ 2.99% COFFEE 324.55 ▼ 4.94% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.60 ▼ 1.37% COTTON 81.68 ▲ 2.32% COCOA 5,912 ▲ 3.79% BEEF 231.80 ▼ 1.25% CATTLE 348.85 ▼ 1.55% LITHIUM 71.24 ▲ 1.43% PETR4 40.56 ▼ 0.25% VALE3 74.06 ▲ 1.66% ITUB4 43.39 ▼ 0.30% BBDC4 18.50 ▼ 1.44% ABEV3 15.84 ▲ 0.06% BBAS3 20.50 ▲ 1.28% B3SA3 15.32 ▲ 1.32% WEGE3 44.22 ▼ 0.38% PRIO3 56.98 ▼ 0.38% SUZB3 41.37 ▼ 0.29% RENT3 40.39 ▲ 0.47% AZZA3 18.80 ▼ 2.19% CSAN3 3.88 ▼ 0.51% RAIZ4 0.31 ▼ 6.06% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 54.20 ▲ 0.30% CVCB3 1.33 ▲ 6.40% POSI3 3.93 ▼ 1.50% SLCE3 13.71 ▼ 1.15% NATU3 8.51 ▼ 1.05% BRKM5 6.65 ▼ 4.18% RANI3 8.02 ▲ 0.88% CSNA3 5.12 ▼ 2.29% CMIN3 5.15 ▼ 5.50% USIM5 8.26 ▼ 1.43% GGBR4 23.16 ▲ 1.49% ENEV3 26.77 ▼ 0.41% CPFE3 47.19 ▲ 0.75% CMIG4 11.11 ▲ 0.36% EQTL3 40.72 ▲ 1.27% LREN3 14.12 ▼ 0.21% VIVT3 35.43 ▲ 2.02% RAIL3 14.13 ▲ 0.14% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.32 ▲ 0.66% RDOR3 35.73 ▲ 0.48% HAPV3 10.64 ▲ 1.72% FLRY3 16.35 ▲ 1.24% SMTO3 16.19 ▼ 1.10% UGPA3 29.90 ▼ 3.33% VBBR3 32.82 ▲ 0.18% BBSE3 40.24 ▼ 0.10% BPAC11 57.70 ▲ 0.31% CURY3 32.67 ▼ 1.36% AERI3 2.08 — 0.00% VIVARA 23.31 ▲ 0.87% COMPASS 25.19 ▲ 1.70% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.65 ▼ 0.69% SBSP3 30.35 ▼ 0.07% WALMEX 49.53 ▼ 0.24% GMEXICO 200.46 ▲ 2.49% FEMSA 233.44 ▲ 3.59% CEMEX 22.19 ▲ 1.88% GFNORTE 187.05 ▲ 2.74% BIMBO 56.61 ▲ 1.32% TELEVISA 9.47 ▼ 1.46% AMX 22.87 ▲ 1.24% GAP 389.89 ▼ 4.48% ASUR 278.64 ▼ 0.01% OMA 234.04 ▲ 0.31% KOF 181.82 ▲ 0.08% GRUMA 282.09 ▲ 0.26% KIMBER 38.40 ▲ 0.47% SQM-B 67,438 ▲ 0.34% COPEC 6,077 ▲ 0.33% BSANTANDER 78.86 ▲ 0.84% FALABELLA 5,916 ▲ 0.19% ENELAM 85.43 ▲ 1.46% CENCOSUD 2,044 ▲ 0.19% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.21 ▲ 1.74% LATAM AIR 24.88 ▼ 0.08% YPF 77,150 ▼ 0.03% GGAL 8,015 ▼ 0.80% PAMPA 5,185 ▼ 0.77% TXAR 661.00 ▼ 0.53% ALUAR 959.00 ▼ 0.57% TGS 9,695 ▲ 1.31% CEPU 2,313 ▼ 0.26% MIRGOR 16,825 ▼ 1.03% COME 45.15 ▲ 0.83% LOMA NEGRA 3,550 ▲ 1.50% BYMA 302.00 ▼ 2.03% TELECOM ARG 4,285 ▲ 0.82% ECOPETROL 16.02 ▲ 0.85% BANCOLOMBIA 81.33 ▲ 1.13% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 391.08 ▲ 0.48% SOUTHERN COPPER 179.98 ▲ 3.12% BUENAVENTURA 30.68 ▲ 2.88% MERCADOLIBRE 1,872 ▲ 0.25% NUBANK 14.03 ▲ 2.61% XP 16.79 ▲ 2.57% PAGSEGURO 9.24 ▼ 0.48% STONE 11.21 ▲ 0.54% GLOBANT 31.75 ▼ 1.15% TECNOGLASS 43.44 ▲ 1.40% GAP AIRPORT 223.72 ▼ 3.89% ASUR 278.64 ▼ 0.01% OMA AIRPORT 107.46 ▲ 1.26% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.99 ▲ 3.86% CEMEX ADR 12.75 ▲ 2.41% PETROBRAS ADR 17.90 ▲ 0.08% VALE ADR 14.57 ▲ 2.72% ITAU ADR 8.54 ▲ 0.80% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 0.97% GERDAU 4.58 ▲ 2.00% LATAM ADR 53.72 ▲ 0.72% BTC 64,491 ▲ 3.62% ETH 1,868 ▲ 5.33% SOL 77.06 ▲ 2.94% XRP 1.10 ▲ 3.40% BNB 579.93 ▲ 2.35% ADA 0.16 ▲ 4.18% DOGE 0.07 ▲ 3.58% AVAX 6.64 ▲ 3.04% LINK 8.25 ▲ 4.77% DOT 0.85 ▲ 2.09% LTC 44.55 ▲ 2.44% BCH 236.91 ▲ 0.29% TRX 0.33 ▲ 0.39% XLM 0.18 ▲ 1.88% HBAR 0.07 ▲ 0.28% NEAR 2.04 ▲ 6.27% ATOM 1.55 ▲ 1.24% AAVE 99.20 ▲ 5.13% SELIC 14.25% EMBRAER 82.80 ▼ 0.25% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.82 ▲ 0.13% JBS BDR 59.82 ▼ 1.30% MBRF3 16.09 ▲ 2.35% MBRFY 3.10 ▲ 1.64% INTER 5.68 ▲ 0.44% EGX 52,299 ▼ 0.59% USD/ZAR16.37▼ 0.64% 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/JPY162.16▼ 0.17% USD/CNY6.76▼ 0.31% 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 7,550 ▲ 0.46% DJI 52,471 ▼ 0.05% NDX 29,651 ▲ 1.32% RUT 2,964 ▲ 0.37% TSX 35,304 ▲ 0.14% VIX 16.45 ▼ 4.14% USD/CAD1.41▼ 0.61% US10Y 4.5850 ▼ 0.52% IBOV 175,967 ▲ 0.13% IPSA 10,928 ▲ 0.16% IPC MEX 66,689 ▲ 1.08% MERVAL 3,231,038 ▼ 0.13% COLCAP 2,292.84 ▼ 0.64% BVL PERÚ 56,428.20 ▲ 1.53% USD/BRL 5.07 ▼ 1.23% USD/MXN 17.43 ▼ 0.58% USD/CLP 924.91 ▼ 0.86% USD/COP 3,250 ▼ 0.39% USD/PEN 3.39 ▼ 0.66% USD/ARS 1,473 ▼ 0.71% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.34 ▲ 0.44% 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 156.98 ▲ 0.25% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.43% BRENT 84.64 ▲ 1.61% WTI 79.13 ▲ 1.27% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.21% GOLD 4,069 ▲ 1.79% SILVER 59.13 ▲ 2.60% SOY 1,192 ▼ 0.81% CORN 460.75 ▲ 5.25% WHEAT 645.75 ▲ 2.99% COFFEE 324.55 ▼ 4.94% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.60 ▼ 1.37% COTTON 81.68 ▲ 2.32% COCOA 5,912 ▲ 3.79% BEEF 231.80 ▼ 1.25% CATTLE 348.85 ▼ 1.55% LITHIUM 71.24 ▲ 1.43% PETR4 40.56 ▼ 0.25% VALE3 74.06 ▲ 1.66% ITUB4 43.39 ▼ 0.30% BBDC4 18.50 ▼ 1.44% ABEV3 15.84 ▲ 0.06% BBAS3 20.50 ▲ 1.28% B3SA3 15.32 ▲ 1.32% WEGE3 44.22 ▼ 0.38% PRIO3 56.98 ▼ 0.38% SUZB3 41.37 ▼ 0.29% RENT3 40.39 ▲ 0.47% AZZA3 18.80 ▼ 2.19% CSAN3 3.88 ▼ 0.51% RAIZ4 0.31 ▼ 6.06% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 54.20 ▲ 0.30% CVCB3 1.33 ▲ 6.40% POSI3 3.93 ▼ 1.50% SLCE3 13.71 ▼ 1.15% NATU3 8.51 ▼ 1.05% BRKM5 6.65 ▼ 4.18% RANI3 8.02 ▲ 0.88% CSNA3 5.12 ▼ 2.29% CMIN3 5.15 ▼ 5.50% USIM5 8.26 ▼ 1.43% GGBR4 23.16 ▲ 1.49% ENEV3 26.77 ▼ 0.41% CPFE3 47.19 ▲ 0.75% CMIG4 11.11 ▲ 0.36% EQTL3 40.72 ▲ 1.27% LREN3 14.12 ▼ 0.21% VIVT3 35.43 ▲ 2.02% RAIL3 14.13 ▲ 0.14% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.32 ▲ 0.66% RDOR3 35.73 ▲ 0.48% HAPV3 10.64 ▲ 1.72% FLRY3 16.35 ▲ 1.24% SMTO3 16.19 ▼ 1.10% UGPA3 29.90 ▼ 3.33% VBBR3 32.82 ▲ 0.18% BBSE3 40.24 ▼ 0.10% BPAC11 57.70 ▲ 0.31% CURY3 32.67 ▼ 1.36% AERI3 2.08 — 0.00% VIVARA 23.31 ▲ 0.87% COMPASS 25.19 ▲ 1.70% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.65 ▼ 0.69% SBSP3 30.35 ▼ 0.07% WALMEX 49.53 ▼ 0.24% GMEXICO 200.46 ▲ 2.49% FEMSA 233.44 ▲ 3.59% CEMEX 22.19 ▲ 1.88% GFNORTE 187.05 ▲ 2.74% BIMBO 56.61 ▲ 1.32% TELEVISA 9.47 ▼ 1.46% AMX 22.87 ▲ 1.24% GAP 389.89 ▼ 4.48% ASUR 278.64 ▼ 0.01% OMA 234.04 ▲ 0.31% KOF 181.82 ▲ 0.08% GRUMA 282.09 ▲ 0.26% KIMBER 38.40 ▲ 0.47% SQM-B 67,438 ▲ 0.34% COPEC 6,077 ▲ 0.33% BSANTANDER 78.86 ▲ 0.84% FALABELLA 5,916 ▲ 0.19% ENELAM 85.43 ▲ 1.46% CENCOSUD 2,044 ▲ 0.19% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.21 ▲ 1.74% LATAM AIR 24.88 ▼ 0.08% YPF 77,150 ▼ 0.03% GGAL 8,015 ▼ 0.80% PAMPA 5,185 ▼ 0.77% TXAR 661.00 ▼ 0.53% ALUAR 959.00 ▼ 0.57% TGS 9,695 ▲ 1.31% CEPU 2,313 ▼ 0.26% MIRGOR 16,825 ▼ 1.03% COME 45.15 ▲ 0.83% LOMA NEGRA 3,550 ▲ 1.50% BYMA 302.00 ▼ 2.03% TELECOM ARG 4,285 ▲ 0.82% ECOPETROL 16.02 ▲ 0.85% BANCOLOMBIA 81.33 ▲ 1.13% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 391.08 ▲ 0.48% SOUTHERN COPPER 179.98 ▲ 3.12% BUENAVENTURA 30.68 ▲ 2.88% MERCADOLIBRE 1,872 ▲ 0.25% NUBANK 14.03 ▲ 2.61% XP 16.79 ▲ 2.57% PAGSEGURO 9.24 ▼ 0.48% STONE 11.21 ▲ 0.54% GLOBANT 31.75 ▼ 1.15% TECNOGLASS 43.44 ▲ 1.40% GAP AIRPORT 223.72 ▼ 3.89% ASUR 278.64 ▼ 0.01% OMA AIRPORT 107.46 ▲ 1.26% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.99 ▲ 3.86% CEMEX ADR 12.75 ▲ 2.41% PETROBRAS ADR 17.90 ▲ 0.08% VALE ADR 14.57 ▲ 2.72% ITAU ADR 8.54 ▲ 0.80% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 0.97% GERDAU 4.58 ▲ 2.00% LATAM ADR 53.72 ▲ 0.72% BTC 64,491 ▲ 3.62% ETH 1,868 ▲ 5.33% SOL 77.06 ▲ 2.94% XRP 1.10 ▲ 3.40% BNB 579.93 ▲ 2.35% ADA 0.16 ▲ 4.18% DOGE 0.07 ▲ 3.58% AVAX 6.64 ▲ 3.04% LINK 8.25 ▲ 4.77% DOT 0.85 ▲ 2.09% LTC 44.55 ▲ 2.44% BCH 236.91 ▲ 0.29% TRX 0.33 ▲ 0.39% XLM 0.18 ▲ 1.88% HBAR 0.07 ▲ 0.28% NEAR 2.04 ▲ 6.27% ATOM 1.55 ▲ 1.24% AAVE 99.20 ▲ 5.13% SELIC 14.25% EMBRAER 82.80 ▼ 0.25% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.82 ▲ 0.13% JBS BDR 59.82 ▼ 1.30% MBRF3 16.09 ▲ 2.35% MBRFY 3.10 ▲ 1.64% INTER 5.68 ▲ 0.44% EGX 52,299 ▼ 0.59% USD/ZAR 16.36 ▼ 0.57% 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 162.17 ▼ 0.16% USD/CNY 6.7592 ▼ 0.17% 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 1.1429 ▲ 0.37% GBP/USD 1.3378 ▲ 0.22% SPX 7,550 ▲ 0.46% DJI 52,471 ▼ 0.05% NDX 29,651 ▲ 1.32% RUT 2,964 ▲ 0.37% TSX 35,304 ▲ 0.14% VIX 16.45 ▼ 4.14% USD/CAD 1.4069 ▼ 0.59% US10Y 4.5850 ▼ 0.52%
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Opinion: Why is There No “Fora Temer” in Brazil? Part 2

By · July 18, 2017 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – On Wednesday, August 2nd, the Chamber of Deputies will take a roll call vote of its members to determine whether the STF should be allowed to try President Temer while he is in office. While it’s important to note what is at stake in this vote, it’s even more important to identify what is NOT at stake.

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What is definitely NOT at stake is Temer’s guilt or innocence. That requires a trial by the STF. If the Chamber decides, by 342 votes or more, to permit the trial to go ahead, the very same question is presented to the STF itself—should Temer be tried for the crimes of which he is charged?

In the case of the Chamber, the vote is political, not judicial. The immediate consequence of allowing the trial to go ahead is that Temer must step down for 180 days. During those 180 days, the President of the Chamber will become President of Brazil. There are hefty political consequences to changing horses in mid-stream, as Dilma’s impeachment has shown.

The Legislature is, under the Constitution, a “separate but equal” branch of government. Unlike the Judiciary, its members have been elected by the people to be their representatives. As such, legislators are arguably entitled to determine whether or not one of their members should take over as President.

If the Chamber does not approve proceeding with a trial, there are no immediate legal consequences. The charges are NOT dropped, and Temer does NOT go scot free. When Temer ceases to be President the case will be sent to the appropriate lower court (probably Judge Moro), because (as Lula knows) former Presidents are not entitled to trial by STF.

If the Chamber does approve letting the case proceed, the STF faces a judicial question: are the charges a sufficient legal basis for a trial? This is somewhat akin to the role of a grand jury in U.S. criminal law. The prosecutor brings charges and the grand jury decides whether there is sufficient evidence to justify a trial. The trial judge can accept or reject the grand jury findings.

Assuming the STF agrees that the evidence against Temer is sufficient to justify a trial, that trial must take place within the 180-day period when he is not President. If he’s acquitted, or even if no decision is reached, Temer returns to the Presidency. If convicted, he is entitled to appeal, but not to be President.

In August, 513 Deputies will have the opportunity to stand up and be counted. Currently, the betting is that Temer will be able to find at least 172 Deputies who would rather have him as President than Rodrigo Maia, and who are willing to say so in public.

Actually, they won’t say that at all. They’ll say Temer was framed, that it’s a plot by Lula and JBS, that there is no proof, only conjecture, that the Public Prosecutor is on a political witch hunt, etc.

Before the vote, Temer will use his presidential powers to convince the 172 to stand by him — jaw-boning, arm-twisting, log-rolling, pork-barreling, even skeleton-uncloseting and body-unburying.

Rodrigo Maia doesn’t stand a chance against all that firepower. We’re stuck with Temer till January 1, 2019.

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