IPFS News Link • Impeachment
Brazil Formally Impeaches Dilma Rousseff In 61 To 20 Vote
• zerohedge.com by Tyler DurdenDilma Rousseff thus becomes the second president to be impeached in Brazil's 31-year-old democracy, after 13 years of her party's leftist rule, paving the way for what the market hopes is a fundamental shift in economic policy.
Rouseff was previously charged for breaking the country's budget laws. As a result, the just as unpopular Michel Temer is set to become Brazil's official president until 2018. Behind the narrow allegations of breaking budget laws, what led a majority of Brazilians to back impeachment was a sense that Rousseff mismanaged the economy and was lenient on rampant corruption.
As Bloomberg reports, the decision caps a tumultuous period that began after Rousseff's narrow re-election victory in 2014 and exacerbated the worst recession in decades.
The second impeachment since Fernando Collor was ousted in 1992 has been a traumatic experience for this young democracy, coming on top of a two-year corruption scandal and unemployment at its highest in over a decade. With his mandate as Brazil's leader confirmed, Temer hopes he can now push more forcefully to put the economy back on track, a challenge that includes unpopular austerity measures.