Turns Out a 'Lie' Lurked Beneath the Bookends of the BRICS
- Leaders fall from political grace as economies sputter
- Gains of past decade at risk as presidents fight for survival
Lula's Cabinet Post Suspended as Brazil Crisis Deepens
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They were the darlings of the Davos set, the bookends of the BRICS. Simultaneous booms raised millions out of poverty and generated billions for a lucky few.
But now, Brazil and South Africa are united by political scandals and economic misfortune. Gloom has descended as the presidents of each country fight off corruption allegations that threaten to end their political careers. For the leaders, Dilma Rousseff and Jacob Zuma, it’s a stunning fall from grace, a humiliation made worse by markets rallying on the prospects of their demise.