Federal Police Quiz Former President Lula

This morning the country woke up to the news of former president Lula being ‘coercively’ brought by the Federal Police for questioning regarding the ongoing expansive corruption investigation in Brazil.  Prosecutors say Lula may have profited from a payments from construction companies investigated in connection to the Petrobras graft scandal. Specifically, Lula may have benefited from renovations made to a beachside penthouse and a country estate performed by two construction companies implicated in the investigation. Lula was not charged for any wrongdoing, but the probe is getting uncomfortably close to him, and by extension, to president Rousseff. Talks about impeachment are being renewed and the financial markets received the news this morning with optimism.

Source: The Wall Street Journal, March 4 2016

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Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.

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