Brazilian President Temer insists he won't step down over corruption allegations

Brazil crisis deepens with probe of president, top senator

The JBS chairman recorded a conversation in which he and Temer allegedly discussed making illegal payments to jailed former House Speaker Eduardo Cunha to keep him from testifying about corruption in March, according to a source familiar with the matter.

Protests were planned in several cities and opposition politicians took to Twitter and local news channels to call for Temer to be impeached, arguing his government no longer had legitimacy.

"I can't see how Temer survives this", said David Fletcher of the University of Brasilia.

The Bovespa index crashed more than 10 per cent after opening, triggering an automatic suspension of trading for 30 minutes.

A shock bribery scandal involving the Brazilian president has caused the country's benchmark index to suffer its fastest decline since the 2008 financial crisis and the real to drop 8 per cent against the U.S. dollar.

Neves is being investigated in several corruption cases related to the "Car Wash" probe involving kickbacks to politicians. Temer denied guilt, but both his rivals and some of his supporters called for him to step down.

The recordings were allegedly made by Joesley Batista, the owner of JBS - Brazil's largest producer and exporter of meat.

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"I will not resign", Temer said in a televised message to the nation after the Supreme Federal Court chose to open an investigation regarding allegations made the previous day that he approved of payments to a former powerful lawmaker to keep quiet.

(AP Photo/Andre Penner). A woman reads a newspaper with a front page headline that reads in Portuguese: "It's the End: Resignation, Removal or Impeachment?" with regards to corruption allegations against Brazil's President Michel Temer, in Sao Paulo, B.

Claudia Calich, manager of the M&G Emerging Markets Bond fund, says structural reforms, especially the pension reform, seem to be "pretty much dead in the water now" and the uncertainty could threaten the country's stabilisation after two years of recession. Later that month the brothers started negotiating the plea bargain deal in the same month, the source said. The court failed to grant prosecutors' requests for a warrant to arrest Neves, who lost the 2014 presidential election to Rousseff by a thin margin. Cunha was later imprisoned on a 15-year sentence for corruption. In a statement late on Wednesday, the president's office said Mr Temer did not participate or authorise any attempt to keep Cunha from reaching a plea bargain with justice officials. "I know what I have done and I know the correctness of my actions", the president stressed. Batista has been under investigation for his company's alleged involvement in a corruption scheme aimed at getting special financial favors from the country's state-owned national development bank, BNDES. Two small allied parties pulled their support for his agenda in Congress and one Cabinet minister resigned amid talk that others might follow.

As the scandal developed on Thursday, it was reported that the main party in Temer's governing coalition, the Brazilian Social Democracy Party (PSDB), meant to leave the base of government.

19 de mayo de 2017, 09:38Brasilia, May 19 (Prensa Latina) Brazilian President Michel Temer, haunted by the biggest political scandal that has shaken Brazil, is clinging to a mandate that experts here consider is closed to its expiration date: June 6.

Globo's report represents the latest in numerous scandals that have plagued Temer, whose approval ratings are hovering around 10 percent.

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