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Home » Brazil Stock Exchange Plummets Following Presidential Bribery Scandal

Brazil Stock Exchange Plummets Following Presidential Bribery Scandal

Sabrina Martín by Sabrina Martín
May 19, 2017
in Brazil, Economics, Featured, News Brief, NL Daily, Politics, South America
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The country’s stock exchange registered its worst fall since 2011 this Thursday, May 18, dipping more than 10 percent. (Feed noticias)

EspañolThe Brazilian Stock Exchange went into “free fall” after audio leaked of President Michel Temer negotiating the payment of a bribe of a major former official.

The country’s stock exchange registered its worst fall since 2011 this Thursday, May 18, dipping more than 10 percent.

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Faced with this critical situation, the exchange’s operations were momentarily suspended to protect against further losses. By that time, the shares of state-run oil company Petrobras had already dropped by 20 percent. Bradesco’s fell by 17.6 percent, Itau Unibanco’s by 19 percent, Vale’s by 10.4 percent and the Brazilian Bank’s by 24.6 percent.

 

President Temer is being accused of approving the bribe of a witness in the “Lava Jato” case involving a network of corruption and bribes involving Petrobras.

  • Read More: Leaked Audio Shows Brazil President Temer Negotiating Bribes
  • Read More: Brazil’s Temer Faces His Biggest Challenge as Corruption Allegations Threaten His Government

The newspaper O Globo reported that the owners of the company JBS showed audio recordings and videos to judicial authorities, in which the president can be heard approving of bribes to former President of the Chamber of Deputies Eduardo Cunha in order to ensure his silence.

Sources: El Economista; La Nación

Tags: Michel Temer
Sabrina Martín

Sabrina Martín

Sabrina Martín is a Venezuelan journalist, commentator, and editor based in Valencia with experience in corporate communication.

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