Brazil's Temer Vows to Stay in Power as Political Crisis Deepens

  • Temer says in speech that he won’t step down despite pressure
  • President accused of approving hush money for jailed ex-deputy

Brazil Markets Sink Triggering Circuit Breaker

Brazil’s President Michel Temer said on Thursday he will not resign, adding that a full investigation by the Supreme Court would reveal his innocence on allegations of a cover-up.

"I will not step down," Temer said in a televised address at the presidential palace in Brasilia.

A local newspaper reported that he allegedly approved hush money for Eduardo Cunha, the former house speaker and mastermind behind last year’s impeachment of President Dilma Rousseff.

Temer’s announcement caps a dramatic 24-hour period that included police searches at Brazil’s Congress and the top electoral court, spontaneous protests in the country’s main cities.

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