Breaking news
Brazilian Senate approved today (Aug 31) by 61 votes in favor and 20 against, the impeachment of Dilma Rousseff. The president was convicted on charges of having committed crimes of fiscal responsibility, the so-called "tax pedaling" in the Harvest Plan and the decrees that led to spending without congressional authorization.
The decision was taken in the first round of the final judgment of the impeachment process. At the request of allies of Rousseff, the President of the Supreme Court (STF), Minister Ricardo Lewandowski, decided to hold two votes in plenary. The first examined only if she should lose the Republic Presidency, in which she lost. Following, the senators appreciated if Rousseff should be ineligible for eight years from January 1, 2019, and prevented her from exercising any public function. The result was not making her inelegible, despite the approval of the impeachment, since two thirds of the votes were needed, but the result was 42 votes in favor and 36 against.
Dilma must vacate within 30 days the Alvorada Palace, the official residence of the Presidency, in Brasilia, and her team of aides, security guards and drivers will be reduced to eight servers.
Economic effects
Brazilian Real has hugely appreciated in anticipation for this moment, being the best performer currency among the main currencies of the world. Brazilian stock market has surged nearly 60% since the beginning of the process.
Next steps
Mrs. Dilma Rousseff will most likely try to revert the congress decision at the Brazilian Supreme Court. This event will add a lot of volatility to the markets.