Economics
Petrobras, $262 Billion Poorer, Exposes Busted Brazil Dream
Petrobras Shakeup Clouds Emergence From Graft Case
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When Brazil emerged from the global financial crisis as one of the world’s great rising powers, Petrobras was the symbol of that growing economic might.
The state-run oil giant was embarking on a $220 billion investment plan to develop the largest offshore crude discovery in the Western hemisphere since 1976 and was, in the words of then-President Luiz Inacio Lula da Silva, the face of “the new Brazil.”