Brazil crisis: economy spirals deeper into recession

Patrick Gillespie – CNN, 06/01/2016

Brazil’s economy, the largest in Latin America, shrank 5.4% in the first quarter of this year, according to government figures released Wednesday.

The severe contraction occurred while Brazil’s congress sought to impeach President Dilma Rousseff, who was temporarily suspended earlier in May by a congressional impeachment vote. Her vice president, Michel Temer, who Rousseff labeled as a traitor, took over as interim president.

Brazil is in its longest recession since the 1930s. The bad news didn’t stop there.

Read more…


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