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Wednesday, March 16, 2016

Recession hit Brazil: Country faces political turmoil

By on Wednesday, March 16, 2016

The protest against government in Brasil got momentum. The 30 lacs of people in 150 cities of the country are on the road. The gatherings of people in the city Sao Paulo’s are 5 lacs. It is recorded big demonstration in the history of country. They are demanding the impeachment against and resignation of President Dilma Rousseff who has been charged in corruption. The public are in grudge with the dearness and unemployment.
The bad condition in economy of country during 25 years; GDP in minus.
Ø  The money laundering case is charged on Luis Silva, Adviser of President, Rousseff.
Ø  Rousseff and supporting party have been charged of corruption of billion BRL. The business slumped with 40%, lowest level during 25 years economy.
Ø  The GDP has reached to the minus 1.4% in Brasil
On the economic side, the Brazilian economy has been officially in recession since the end of 2014. The inflation is currently over 10%, and unemployment reached 9% in 2015. The currency devalued significantly and the Stock Exchange Market has suffered through drastic falls. This year shall be seen Brazil’s economy shrink for the second consecutive year.  
The government has been trying to tackle the problem by cutting public spending and implementing austerity policies through the Central Bank.
The Carwash Operation, or Lava-Jato, as it is locally known, is a federal investigation into a large corruption involving state-owned oil company Petrobras, big construction companies, and the politicians. It has brought to penal by Justice some of the most important businessmen and the prominent political figures in Brazil.
All parties are at risk– government and opposition both alike!  But the governing Labor Party (Partido dos Trabalhadores, or PT) has arguably been hit the hardest so far. Former president Luiz Inácio Lula da Silva is under scrutiny and President Dilma Rousseff is going to face an impeachment process. Both leaders are from the PT party. But not only these: The Speaker of the House, Congressman Eduardo Cunha, from the PMDB party (which is part of the government coalition) is also facing charges for having undeclared assets overseas.
Next Olympic is going to be held in Rio de Janeiro. The demonstration has posed question of successful managing of games. The Defense Minister Elbow Rebelo said, “85 thousand police personnel will be deployed.”
Dilma Rousseff said, “I will not resign at any cost. The people have no ground to remove me from post.”


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