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Brazilian markets are getting rocked amid another growing political scandal

michel temer brazil president

Brazil’s markets are getting slammed amid another emerging political scandal.

Shares of the ETF that tracks Brazilian stocks is down by about 16.6% in pre-market trade on Thursday.

The Brazilian real is down by 7.1% at 3.3598 per US dollar as of 9:06 a.m. ET.

Brazilian newspaper O Globo reported late Wednesday that a recording exists of President Michel Temer approving a payment to jailed former house speaker Eduardo Cunha to remain silent in the country’s biggest-ever graft investigation.

Temer’s office released a statement denying the allegations.

Brazilian markets climbed over the last year as investors looked favorably upon the Temer administration’s reform read more >>>

Source:: BusinessInsider.Com

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