Chaos Takes Hold in Brazil as Markets Sink, Temer Vows to Fight
- $150 billion wiped off the value of the local stock market
- Allegations against president exploded ‘like an atomic bomb’
What a New Political Crisis Means for Brazil
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The impeachment of one president was traumatic. The prospect of two back-to-back spread dread and disbelief across Brazil Thursday as federal police raided politicians’ homes, helicopters droned over the capital city, markets collapsed and a defiant President Michel Temer declared he wouldn’t step down.
It has been just 12 months since the removal of his predecessor, Dilma Rousseff, on charges she broke budget laws. Allegations against Temer could end his tenure too, if what the O Globo newspaper reported is true -- that he endorsed the payment of hush-money to the imprisoned former speaker of the lower house of Congress.