By Lisandra Paraguassu
BRASILIA – Brazilian President Jair Bolsonaro said on Tuesday that he would veto a new 5.7 billion reais ($1.09 billion) electoral fund, potentially setting himself up for a fight with lawmakers whose support is crucial to fending off impeachment proceedings.
Bolsonaro, a far-right former army captain who was elected on a wave of anti-corruption sentiment, has been under pressure from his supporters to kill the generous, self-appointed package.
The fund mechanism was set up in 2017, as Brazil was roiling from years of high profile graft scandals.
A ban on corporate donations coupled with the drying up of under-the-table contributions in the wake of the scandals left lawmakers struggling to raise campaign cash, so they created the taxpayer-paid fund to offset the losses.
Bolsonaro says he will veto Brazil s one-billion-dollar electoral fund
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Brazil s Bolsonaro says he will veto lawmakers US$1 billion electoral fund
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Brazil s Bolsonaro says he will veto lawmakers US$1 billion electoral fund
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Citigroup Inc. and Deutsche Bank AG were among the lenders recommending investors to short the South African rand last week as deadly riots threatened to derail an incipient economic recovery. Chile’s peso is also seen as vulnerable relative to more stable units such as the Russian ruble.With elections coming up in many major developing nations over the next three years and the pandemic worsening socio-economic fault lines, “political long Covid” may cast a widening pall, according to Bank of America Corp. Of particular concern is what that means for monetary policy, as central banks weigh the risks of higher inflation against the need for economic support.