Temer free to push ahead with economic reforms, reviving investor interest in Brazil
Congress rejects corruption charges against Brazil’s president
Brazil’s lower house of congress voted overwhelmingly yesterday to reject corruption charges against Brazil’s President, Michel Temer, which could have seen him ousted from office and possibly facing a Supreme Court trial.
Of the 513 members of the lower chamber of Deputies, 263 voted against putting Mr. Temer on trial for allegedly coordinating a scheme to collect millions of dollars in illicit payments. The underpressure president and his supporters needed to prevent the opposition from gaining the two-thirds majority required to propel the corruption case to the next level – the Supreme Court.
Mr. Temer commented after the vote, “This is not a personal victory for anyone, but a victory for the rule of law, the force of our institution and the Constitution.”
It is believed that the result of the ballot, and the strong show of support for President Temer, will allow him to plow ahead with his controversial economic reforms in an economy emerging from its worst recession in history.
Mr. Temer, the center-right leader of Latin America’s biggest economy, has always displayed extreme confidence that he would win the vote, steadfastly denying any wrongdoing, and had already pledged more than $1bn of government funds for various projects to members of Congress.
While it is expected that there will be more corruption charges in the future, for now, President Temer is ready to forge ahead with his plans for a revived Brazil, leading to renewed investor interest in the country.s many lucrative investment opportunities.
Indeed, Brazil’s markets remain optimistic, with stocks and shares already up ahead of the ballot, as early predictions pointed to a victory for the determined president and his legal team.
One source is quoted as saying, “The market is betting that his continuity is a guarantee that his policies will continue. It sees a favorable outlook from the economic point of view”.
Michel Temer’s approval ratings are low; however, the result of the vote demonstrated his strength in congress at this moment in time.
Mr. Temer has pledged not to run for re-election 2019.