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The stock market initially fell by more than nine percent.
Brasilia After the resignation of a popular minister, Brazil faces a political crisis in addition to an economic recession and the coronavirus pandemic. Justice Minister Sergio Moro interfered with President Jair Bolsonaro in police work on Friday. The latter had previously fired the chief of the federal police, Mauricio Valeixo.
Moro was seen to represent a tough line in the fight against corruption, a key issue in the 2018 election campaign. Bolsonaro announced on Twitter that he would “tell the truth” about Moro’s resignation later in the day. Valeixo himself asked to be released.
The Brazilian stock market initially collapsed by more than nine percent after Moro’s resignation. The Bovespa has already lost 36 percent this year. The real fell as much as three percent to a record low against the dollar. “This government has impressive serial mismanagement capabilities,” said Jason Vieira, chief economist at Infinity Asset Management.
Bolsonaro is already under pressure to combat the pandemic. According to data from the Ministry of Health on Thursday, the number of new deaths rose to a record 407 of 3,735 newly discovered infections. A total of 3,313 deaths and almost 50,000 infections are registered.
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