Gloomy reality dawns on Brazil

John Paul Rathbone, Financial Times, 8/25/2015

Roberto Setubal, the head of Brazil’s biggest private bank, sees a long period of gloom for Brazil’s economy as unemployment rises and Congress is roiled by corruption scandals. However, he does not believe Dilma Rousseff, the president, will be impeached.
Latin America’s biggest economy has fallen into its biggest recession since the Great Depression, hit by a triple whammy of lower commodity prices, a multibillion-dollar corruption scandal at state-controlled oil company Petrobras, and a political crisis that has made Ms Rousseff the most unpopular president in Brazilian democratic history.

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