IBOV 176,553 ▲ 2.21% IPSA 10,989 ▼ 0.33% IPC MEX 66,658 ▲ 0.83% MERVAL 3,224,174 ▲ 0.68% COLCAP 2,289.22 ▼ 0.15% BVL PERÚ 56,194.27 ▲ 0.50% USD/BRL5.12▲ 0.02% USD/MXN17.52▼ 0.18% USD/CLP925.02▼ 0.29% USD/COP3,253▼ 2.71% USD/PEN3.39▼ 0.29% USD/ARS1,487▼ 0.03% USD/UYU40.22▲ 1.20% USD/PYG6,055▲ 1.53% USD/BOB10.14▲ 4.01% USD/DOP58.48▼ 0.12% USD/CRC448.82▲ 1.40% USD/GTQ7.63▲ 2.28% USD/HNL26.72▲ 1.50% USD/NIO36.62▲ 0.26% USD/VES707.92▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD158.09▲ 0.81% USD/TTD6.75▲ 1.32% EUR/BRL5.84▼ 0.89% BRENT 76.14 ▼ 0.21% WTI 71.70 ▼ 0.53% IRON ORE 161.91 — — COPPER 6.28 ▲ 1.06% GOLD 4,115 ▼ 0.38% SILVER 60.33 ▼ 0.09% SOY 1,183 ▲ 0.30% CORN 454.50 ▲ 6.25% WHEAT 640.75 ▲ 4.83% COFFEE 327.00 ▼ 8.39% SUGAR 14.79 ▼ 2.18% ORANGE JUICE 147.35 ▼ 1.70% COTTON 80.08 ▲ 5.15% COCOA 6,010 ▼ 4.74% BEEF 230.98 ▼ 1.82% CATTLE 356.40 ▲ 0.07% LITHIUM 72.31 ▼ 0.70% PETR4 39.62 ▲ 1.05% VALE3 74.13 ▲ 1.34% ITUB4 43.68 ▲ 2.56% BBDC4 18.58 ▲ 3.22% ABEV3 15.83 ▲ 0.70% BBAS3 20.36 ▲ 1.80% B3SA3 15.41 ▲ 4.19% WEGE3 46.40 ▲ 1.44% PRIO3 55.33 ▼ 0.50% SUZB3 41.83 ▲ 1.95% RENT3 40.79 ▲ 3.53% AZZA3 18.96 ▲ 2.71% CSAN3 3.98 ▲ 3.11% RAIZ4 0.36 ▼ 2.70% PCAR3 2.80 ▲ 1.45% GMAT3 4.01 ▲ 2.04% PSSA3 54.29 ▲ 1.76% CVCB3 1.25 — 0.00% POSI3 3.98 ▲ 3.38% SLCE3 13.89 ▲ 0.73% NATU3 8.54 ▲ 0.95% BRKM5 6.43 ▲ 1.10% RANI3 7.98 ▲ 1.53% CSNA3 5.06 ▲ 5.42% CMIN3 5.08 ▲ 5.18% USIM5 8.41 ▲ 0.72% GGBR4 22.93 ▲ 2.00% ENEV3 26.88 ▲ 2.60% CPFE3 47.19 ▲ 1.94% CMIG4 11.31 ▲ 2.08% EQTL3 40.75 ▲ 3.14% LREN3 14.76 ▲ 4.31% VIVT3 35.55 ▲ 3.04% RAIL3 13.96 ▲ 1.53% KLABIN 17.53 ▲ 0.75% RAIA DROGASIL 18.66 ▲ 2.92% RDOR3 36.18 ▲ 2.93% HAPV3 10.35 ▲ 2.78% FLRY3 16.24 ▲ 3.11% SMTO3 16.06 ▲ 0.06% UGPA3 30.73 ▲ 2.09% VBBR3 32.55 ▲ 1.40% BBSE3 39.72 ▲ 1.12% BPAC11 57.47 ▲ 3.21% CURY3 34.10 ▲ 4.28% AERI3 2.08 ▲ 0.97% VIVARA 23.00 ▲ 1.86% COMPASS 25.17 ▲ 1.99% VAMOS 3.05 ▲ 3.04% SANB11 27.06 ▲ 3.09% ASAI3 8.89 ▲ 5.08% SBSP3 30.98 ▲ 3.27% WALMEX 49.40 ▲ 0.78% GMEXICO 196.90 ▲ 0.80% FEMSA 223.20 ▲ 0.37% CEMEX 22.17 ▲ 2.12% GFNORTE 188.72 ▲ 1.82% BIMBO 56.17 ▲ 0.43% TELEVISA 9.61 ▲ 1.26% AMX 23.05 ▲ 1.81% GAP 409.50 ▼ 1.02% ASUR 283.72 ▲ 0.04% OMA 237.98 ▼ 0.01% KOF 181.29 ▲ 0.22% GRUMA 285.34 ▲ 1.08% KIMBER 38.28 ▼ 0.42% SQM-B 67,450 ▼ 2.39% COPEC 6,030 ▲ 0.17% BSANTANDER 77.83 ▲ 0.43% FALABELLA 5,876 ▲ 0.42% ENELAM 84.64 ▲ 0.57% CENCOSUD 2,075 ▲ 0.89% CMPC 1,099 ▲ 0.37% BANCO CHILE 187.22 ▲ 0.12% LATAM AIR 26.23 ▼ 0.64% YPF 74,700 ▼ 1.42% GGAL 8,070 ▲ 2.41% PAMPA 5,150 ▼ 1.06% TXAR 664.00 ▼ 0.08% ALUAR 971.50 ▲ 0.31% TGS 9,490 ▲ 1.93% CEPU 2,284 ▼ 1.34% MIRGOR 17,400 ▲ 1.16% COME 45.65 ▲ 0.51% LOMA NEGRA 3,500 ▲ 0.07% BYMA 312.00 ▲ 0.73% TELECOM ARG 4,150 ▲ 0.73% ECOPETROL 15.30 ▼ 0.58% BANCOLOMBIA 82.28 ▲ 1.66% GRUPO AVAL 5.03 ▲ 0.15% CREDICORP 399.51 ▲ 1.94% SOUTHERN COPPER 176.61 ▲ 1.25% BUENAVENTURA 29.90 ▲ 1.17% MERCADOLIBRE 1,860 ▲ 2.88% NUBANK 13.94 ▲ 1.98% XP 16.99 ▲ 3.53% PAGSEGURO 9.33 ▲ 3.61% STONE 11.25 ▲ 2.68% GLOBANT 30.73 ▼ 1.79% TECNOGLASS 43.85 ▲ 1.65% GAP AIRPORT 233.97 ▼ 0.21% ASUR 283.72 ▲ 0.04% OMA AIRPORT 108.65 ▲ 0.30% AMX ADR 26.15 ▲ 1.20% FEMSA ADR 128.02 ▲ 0.80% CEMEX ADR 12.63 ▲ 2.06% PETROBRAS ADR 17.20 ▲ 0.97% VALE ADR 14.47 ▲ 1.72% ITAU ADR 8.56 ▲ 3.32% SANTANDER BR 5.36 ▲ 4.18% AMBEV ADR 3.07 ▲ 0.99% CSN 1.00 ▲ 4.73% GERDAU 4.51 ▲ 2.15% LATAM ADR 56.87 ▼ 0.30% BTC 64,051 ▲ 1.36% ETH 1,785 ▲ 2.33% SOL 77.63 ▼ 0.53% XRP 1.10 ▲ 0.89% BNB 571.84 ▲ 0.59% ADA 0.17 ▼ 0.25% DOGE 0.07 ▲ 1.29% AVAX 6.68 ▼ 0.04% LINK 7.89 ▲ 2.09% DOT 0.87 ▲ 5.68% LTC 44.28 ▲ 1.18% BCH 249.28 ▲ 4.84% TRX 0.33 ▼ 0.53% XLM 0.19 ▲ 1.27% HBAR 0.07 ▲ 0.38% NEAR 1.89 ▼ 1.53% ATOM 1.57 ▲ 1.11% AAVE 94.44 ▲ 3.49% SELIC 14.25% EMBRAER 84.41 ▲ 0.66% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.93 ▲ 1.66% JBS BDR 60.84 ▲ 1.32% MBRF3 15.79 ▲ 2.47% MBRFY 3.05 ▲ 1.67% INTER 5.88 ▲ 2.89% EGX 52,312 ▲ 0.54% USD/ZAR16.31▼ 0.11% USD/NGN1,376▼ 0.12% NIKKEI 68,558 ▲ 1.20% CSI300 4,781 ▼ 1.96% HSI 24,175 ▲ 0.60% NIFTY 24,207 ▲ 1.02% KOSPI 7,476 ▲ 2.52% JCI 5,924 ▲ 0.20% USD/JPY161.80▼ 0.36% USD/CNY6.77▼ 0.39% DAX 25,110 ▼ 0.03% CAC 8,328 ▲ 0.02% FTSE 10,505 ▲ 0.31% MIB 52,717 ▲ 0.64% IBEX 19,423 ▲ 0.52% STOXX 641.68 ▲ 0.13% EUR/USD1.14▼ 0.04% GBP/USD1.34▲ 0.10% SPX 7,553 ▲ 0.13% DJI 52,566 ▲ 0.15% NDX 29,700 ▼ 0.09% RUT 2,975 ▼ 0.57% TSX 35,276 ▲ 0.21% VIX 15.54 ▼ 1.89% USD/CAD1.42▼ 0.07% US10Y 4.5490 ▲ 0.22% IBOV 176,553 ▲ 2.21% IPSA 10,989 ▼ 0.33% IPC MEX 66,658 ▲ 0.83% MERVAL 3,224,174 ▲ 0.68% COLCAP 2,289.22 ▼ 0.15% BVL PERÚ 56,194.27 ▲ 0.50% USD/BRL 5.12 ▲ 0.02% USD/MXN 17.52 ▼ 0.18% USD/CLP 925.02 ▼ 0.29% USD/COP 3,253 ▼ 2.71% USD/PEN 3.39 ▼ 0.29% USD/ARS 1,487 ▼ 0.03% USD/UYU 40.22 ▲ 1.20% USD/PYG 6,055 ▲ 1.53% USD/BOB 10.14 ▲ 4.01% USD/DOP 58.48 ▼ 0.12% USD/CRC 448.82 ▲ 1.40% USD/GTQ 7.63 ▲ 2.28% USD/HNL 26.72 ▲ 1.50% USD/NIO 36.62 ▲ 0.26% USD/VES 707.92 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 158.09 ▲ 0.81% USD/TTD 6.75 ▲ 1.32% EUR/BRL 5.84 ▼ 0.89% BRENT 76.14 ▼ 0.21% WTI 71.70 ▼ 0.53% IRON ORE 161.91 — — COPPER 6.28 ▲ 1.06% GOLD 4,115 ▼ 0.38% SILVER 60.33 ▼ 0.09% SOY 1,183 ▲ 0.30% CORN 454.50 ▲ 6.25% WHEAT 640.75 ▲ 4.83% COFFEE 327.00 ▼ 8.39% SUGAR 14.79 ▼ 2.18% ORANGE JUICE 147.35 ▼ 1.70% COTTON 80.08 ▲ 5.15% COCOA 6,010 ▼ 4.74% BEEF 230.98 ▼ 1.82% CATTLE 356.40 ▲ 0.07% LITHIUM 72.31 ▼ 0.70% PETR4 39.62 ▲ 1.05% VALE3 74.13 ▲ 1.34% ITUB4 43.68 ▲ 2.56% BBDC4 18.58 ▲ 3.22% ABEV3 15.83 ▲ 0.70% BBAS3 20.36 ▲ 1.80% B3SA3 15.41 ▲ 4.19% WEGE3 46.40 ▲ 1.44% PRIO3 55.33 ▼ 0.50% SUZB3 41.83 ▲ 1.95% RENT3 40.79 ▲ 3.53% AZZA3 18.96 ▲ 2.71% CSAN3 3.98 ▲ 3.11% RAIZ4 0.36 ▼ 2.70% PCAR3 2.80 ▲ 1.45% GMAT3 4.01 ▲ 2.04% PSSA3 54.29 ▲ 1.76% CVCB3 1.25 — 0.00% POSI3 3.98 ▲ 3.38% SLCE3 13.89 ▲ 0.73% NATU3 8.54 ▲ 0.95% BRKM5 6.43 ▲ 1.10% RANI3 7.98 ▲ 1.53% CSNA3 5.06 ▲ 5.42% CMIN3 5.08 ▲ 5.18% USIM5 8.41 ▲ 0.72% GGBR4 22.93 ▲ 2.00% ENEV3 26.88 ▲ 2.60% CPFE3 47.19 ▲ 1.94% CMIG4 11.31 ▲ 2.08% EQTL3 40.75 ▲ 3.14% LREN3 14.76 ▲ 4.31% VIVT3 35.55 ▲ 3.04% RAIL3 13.96 ▲ 1.53% KLABIN 17.53 ▲ 0.75% RAIA DROGASIL 18.66 ▲ 2.92% RDOR3 36.18 ▲ 2.93% HAPV3 10.35 ▲ 2.78% FLRY3 16.24 ▲ 3.11% SMTO3 16.06 ▲ 0.06% UGPA3 30.73 ▲ 2.09% VBBR3 32.55 ▲ 1.40% BBSE3 39.72 ▲ 1.12% BPAC11 57.47 ▲ 3.21% CURY3 34.10 ▲ 4.28% AERI3 2.08 ▲ 0.97% VIVARA 23.00 ▲ 1.86% COMPASS 25.17 ▲ 1.99% VAMOS 3.05 ▲ 3.04% SANB11 27.06 ▲ 3.09% ASAI3 8.89 ▲ 5.08% SBSP3 30.98 ▲ 3.27% WALMEX 49.40 ▲ 0.78% GMEXICO 196.90 ▲ 0.80% FEMSA 223.20 ▲ 0.37% CEMEX 22.17 ▲ 2.12% GFNORTE 188.72 ▲ 1.82% BIMBO 56.17 ▲ 0.43% TELEVISA 9.61 ▲ 1.26% AMX 23.05 ▲ 1.81% GAP 409.50 ▼ 1.02% ASUR 283.72 ▲ 0.04% OMA 237.98 ▼ 0.01% KOF 181.29 ▲ 0.22% GRUMA 285.34 ▲ 1.08% KIMBER 38.28 ▼ 0.42% SQM-B 67,450 ▼ 2.39% COPEC 6,030 ▲ 0.17% BSANTANDER 77.83 ▲ 0.43% FALABELLA 5,876 ▲ 0.42% ENELAM 84.64 ▲ 0.57% CENCOSUD 2,075 ▲ 0.89% CMPC 1,099 ▲ 0.37% BANCO CHILE 187.22 ▲ 0.12% LATAM AIR 26.23 ▼ 0.64% YPF 74,700 ▼ 1.42% GGAL 8,070 ▲ 2.41% PAMPA 5,150 ▼ 1.06% TXAR 664.00 ▼ 0.08% ALUAR 971.50 ▲ 0.31% TGS 9,490 ▲ 1.93% CEPU 2,284 ▼ 1.34% MIRGOR 17,400 ▲ 1.16% COME 45.65 ▲ 0.51% LOMA NEGRA 3,500 ▲ 0.07% BYMA 312.00 ▲ 0.73% TELECOM ARG 4,150 ▲ 0.73% ECOPETROL 15.30 ▼ 0.58% BANCOLOMBIA 82.28 ▲ 1.66% GRUPO AVAL 5.03 ▲ 0.15% CREDICORP 399.51 ▲ 1.94% SOUTHERN COPPER 176.61 ▲ 1.25% BUENAVENTURA 29.90 ▲ 1.17% MERCADOLIBRE 1,860 ▲ 2.88% NUBANK 13.94 ▲ 1.98% XP 16.99 ▲ 3.53% PAGSEGURO 9.33 ▲ 3.61% STONE 11.25 ▲ 2.68% GLOBANT 30.73 ▼ 1.79% TECNOGLASS 43.85 ▲ 1.65% GAP AIRPORT 233.97 ▼ 0.21% ASUR 283.72 ▲ 0.04% OMA AIRPORT 108.65 ▲ 0.30% AMX ADR 26.15 ▲ 1.20% FEMSA ADR 128.02 ▲ 0.80% CEMEX ADR 12.63 ▲ 2.06% PETROBRAS ADR 17.20 ▲ 0.97% VALE ADR 14.47 ▲ 1.72% ITAU ADR 8.56 ▲ 3.32% SANTANDER BR 5.36 ▲ 4.18% AMBEV ADR 3.07 ▲ 0.99% CSN 1.00 ▲ 4.73% GERDAU 4.51 ▲ 2.15% LATAM ADR 56.87 ▼ 0.30% BTC 64,051 ▲ 1.36% ETH 1,785 ▲ 2.33% SOL 77.63 ▼ 0.53% XRP 1.10 ▲ 0.89% BNB 571.84 ▲ 0.59% ADA 0.17 ▼ 0.25% DOGE 0.07 ▲ 1.29% AVAX 6.68 ▼ 0.04% LINK 7.89 ▲ 2.09% DOT 0.87 ▲ 5.68% LTC 44.28 ▲ 1.18% BCH 249.28 ▲ 4.84% TRX 0.33 ▼ 0.53% XLM 0.19 ▲ 1.27% HBAR 0.07 ▲ 0.38% NEAR 1.89 ▼ 1.53% ATOM 1.57 ▲ 1.11% AAVE 94.44 ▲ 3.49% SELIC 14.25% EMBRAER 84.41 ▲ 0.66% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.93 ▲ 1.66% JBS BDR 60.84 ▲ 1.32% MBRF3 15.79 ▲ 2.47% MBRFY 3.05 ▲ 1.67% INTER 5.88 ▲ 2.89% EGX 52,312 ▲ 0.54% USD/ZAR 16.29 ▼ 0.09% USD/NGN 1,376 ▲ 0.08% NIKKEI 68,558 ▲ 1.20% CSI300 4,781 ▼ 1.96% HSI 24,175 ▲ 0.60% NIFTY 24,207 ▲ 1.02% KOSPI 7,476 ▲ 2.52% JCI 5,924 ▲ 0.20% USD/JPY 161.76 ▼ 0.36% USD/CNY 6.7663 ▼ 0.37% DAX 25,110 ▼ 0.03% CAC 8,328 ▲ 0.02% FTSE 10,505 ▲ 0.31% MIB 52,717 ▲ 0.64% IBEX 19,423 ▲ 0.52% STOXX 641.68 ▲ 0.13% EUR/USD 1.1429 ▼ 0.04% GBP/USD 1.3413 ▲ 0.07% SPX 7,553 ▲ 0.13% DJI 52,566 ▲ 0.15% NDX 29,700 ▼ 0.09% RUT 2,975 ▼ 0.57% TSX 35,276 ▲ 0.21% VIX 15.54 ▼ 1.89% USD/CAD 1.4157 ▼ 0.06% US10Y 4.5490 ▲ 0.22%
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Op-Ed Guest Opinions

Opinion: Will Brazil’s Covid CPI actually accomplish something?

By · June 30, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – (Opinion) Created in April by Brazil’s Senate, the parliamentary investigative committee known as the Covid CPI is scheduled to end on August 7; however, that period can be extended for 90 days.

The CPI has drafted a petition requesting the extension, which needs signature by 27 senators for approval; the CPI says it already has 34. The petition justifies the time extension by setting out a summary listing of what it uncovered in its first 60 days of activities.

Entrance hall of the National Congress Building in Brasilia. (Photo internet reproduction)
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There are “deliberate omissions and actions” by the administration:

  • “[seeking] a false herd immunity”
  • “the promotion of inefficacious treatments” and
  • “boycotts of non-pharmacological measures such as masks, social distancing, and alcohol gel”

There are the administration’s “failures”:

  • “communication”
  • “monitoring and mapping the pandemic”
  • “managing needed ICU beds in the country” and
  • “planning for supply of basic input components – oxygen, medicine, protective gear, tests, and respirators”

The government’s “boycott of vaccines” merits a separate chapter:

  • “dozens of emails from Pfizer unanswered”
  • “countless insults to countries and research institutions that supply vaccines to Brazil”
  • “delays of vaccines and their components”
  • “interruptions in the vaccination campaign”

In a prior column, we pointed out that congressional CPIs in Brazil have a long history of resulting in absolutely nothing of consequence, and we blithely predicted the same fate for the Covid CPI.

We may have been too hasty.

We based our forecast upon an incorrect supposition: namely, that the pro-government parties – a majority in Congress – would arrange to appoint a majority of the 11-member committee. They were unable to do so, and 7 committee members are from opposition or independent parties.

The CPI chair, the deputy chair, and the rapporteur have all become increasingly vociferous in their criticisms of the government, so there are, as we predicted, countless inflammatory speeches designed to increase the orator’s media exposure.

On the other hand, there have also been numerous witnesses: current or former government officials; public health experts; pharmaceutical executives. The testimony of these witnesses has been incredibly damaging to the administration.

So, where does the CPI go from here? There are two official purposes of any congressional investigative committee: one legislative, one judicial. Discovery of irregularities should lead to (1) proposals for corrective legislation, and (2) petitions to the Federal Prosecutor General (PGR) to bring criminal charges against those committing illegalities.

Most of the CPI’s list of the administration’s deficiencies, although serious, arguably do not amount to conduct specifically defined as crimes in the Penal Code; moreover, PGR Aras, appointed by Bolsonaro, is notoriously pro-administration. Do not expect show trials.

Returning to CPI history, only two have produced tangible results, both of which have damaged sitting Brazilian presidents: (1) that in 1992 resulted in then-President Collor’s pre-impeachment resignation; (2) that in 2005 uncovered the “Mensalão” scandal, which badly tarnished then-President Lula’s image.

The impeachment of President Bolsonaro is not among the Covid CPI’s stated objectives, but its findings have supplied ammunition to those who are calling for Congress to begin proceedings to oust him.

Impeachment is political, not penal. Brazil’s constitution defines an impeachable offense as a “crime de responsabilidade” best rendered in English as a “crime of accountability”.

President Bolsonaro is, in the end, accountable politically for his administration’s actions, omissions, derelictions of duty, and malfeasance.

Brazilian writer Vanessa Barbara described the situation well in an op-ed NYTimes column May 21: “The [CPI] inquiry, slowly and steadily, is unveiling a classic supervillain plot, at once nefarious and absurd, deadly and appalling. Whether the villain meets his comeuppance is another story.”

The comeuppance could be Bolsonaro’s impeachment, or it could be his defeat at the polls in 2022, which was, as we pointed out back in April, the tacit objective of the opposition senators who instigated the CPI.

Once burned, twice shy: we make no hasty prediction on either outcome.

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