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President Temer accused of corruption

Brazilian real in freefall

After allegations that Brazilian President Temer may be involved in a corruption case, the Brazilian real has gone into freefall. The stock exchanges responded with panic and trade even came to a standstill on Thursday. The Central Bank's intervention to try to prevent the value of the real from falling has been unsuccessful.

This has been the reaction following an accusation that the president was involved in a corruption case. The Brazilian newspaper O GLOBo says that it has a sound recording in which President Temer advocates paying for the silence of Eduardo Cunha. Cunha is an important witness in the corruption case around Petrobas.

For his part, President Michel Temer has stated that "I'm not resigning. I know what I did and I know my actions were right," said Temer in a televised speech.

Last year, Michel Temer acted as president. He had to make the necessary reforms to put the economy back in order, raise the state budget and put an end to widespread corruption. The corruption case that drove former president Dilma Rousseff out of office has been around for three years and is holding the country in its grip.

Publication date: 5/19/2017


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