Brazil enters new era with far-right president-elect

Posted November 04, 2018

As global markets continue to be punished by a worldwide selloff, Brazil's market has been rising with Bolsonaro's political fortunes, which culminated Sunday with a comfortable win for the far-right candidate in presidential elections.

The former leader is now serving 12 years behind bars, which led the courts to bar his presidential run.

Trump congratulated Bolsonaro by telephone, tweeting that the two had an "excellent" call and agreed "that Brazil and the United States will work closely together on trade, military and everything else!"

"I don´t idolize Bolsonaro and I don´t know if he will govern well, but we are hopeful".

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For Ivan Briscoe, director for Latin America of the NGO International Crisis Group, the victory of the former captain of the army contribute to "the weakening of democracy" in the region, in reference to crises in Venezuela and Nicaragua. Paulo Guedes, an economist educated at the US University of Chicago, has advocated for tax and spending cuts that he believes will reverse the country's deficit.

Bolsonaro rose in prominence amid disgust with Brazil's political system.

Activists swiftly condemned the move - a "triple disaster", in the words of respected former environment minister Marina Silva.

The 63-year-old former paratrooper chose to give his first post-election interview to Record TV, a network owned by one of Brazil's biggest evangelical leaders. The inverse could be true if Bolsonaro himself takes charge. Markets surged in the weeks ahead of Bolsonaro's Sunday victory on the expectation that he could pull off the tough fiscal agenda. Pension payments are growing economic problems for Brazil that take up 8% of the nation's gross domestic product (GDP).

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"His reckless plans to industrialize the Amazon in concert with Brazilian and worldwide agribusiness and mining sectors will bring untold destruction to the planet's largest rainforest and the communities who call it home, and spell disaster for the global climate", stated Amazon Watch program director Christian Poirer shortly after Bolsonaro's victory. Mariscal said equities remain cheap, the Real is "reasonably priced" and bonds, which have been performing well, still have upside. In February, it's "crunch time" because he has to elect the head of the lower house and the head of the senate.

"If you add up the importance of the state, his very radical discourse and the fact that he is from the military and surrounded by military people, I would say that we have a lot of things to worry about, maybe even more than Americans have to worry about Trump", Zucco Jr. said.

Bolsonaro went into yesterday the clear front-runner after getting 46 percent of the vote to Haddad's 29 percent in the first round of the election on October 7, which had 13 contenders.

"They always accuse others of being what they are themselves", he said.

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