Brazil investors cheer impeachment move

Joe Leahy, The Financial Times, 12/3/2015

Brazil’s stock market and currency strengthened on Thursday on news that the congress was initiating impeachment proceedings against President Dilma Rousseff on charges she has been using accounting tricks to disguise the true state of public finances.
The Ibovespa benchmark stock index rose 3.75 per cent while Brazil’s currency, the real, strengthened 1.42 per cent against the dollar to R$3.78 after Eduardo Cunha, the speaker of the lower house of congress, announced late on Wednesday he would accept a petition seeking the president’s removal from office.

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