Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bankers and business leaders say Brazil's democracy in 'grave danger'

World Jul 26, 2022 06:45PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Roberto Egydio Setubal, CEO of Itau Unibanco attends the final session 'The Global Agenda 2015' in the Swiss mountain resort of Davos January 24, 2015. REUTERS/Ruben Sprich/File Photo

SAO PAULO (Reuters) - Top Brazilian bankers and businessmen issued a letter on Tuesday in defense of Brazil's electronic voting system that has been attacked by far-right President Jair Bolsonaro, and warned that the country's democracy was in "grave danger."

The manifesto, signed by some 3,000 leading Brazilian figures, did not mention Bolsonaro by name, but clearly addressed the situation he has caused by questioning the voting system ahead of the Oct. 2 election and attacking Supreme Court justices who oversee the elections in Brazil.

Their letter referred to "unfounded attacks" on the voting system, which Bolsonaro claims is vulnerable to fraud, and "insinuations" that the election results will not be respected.

It was signed by Roberto Setubal, chairman of Itau Unibanco, Walter Schalka, chief executive of pulp and paper multinational Suzano Papel e Celulose SA (NYSE:SUZ), Guilherme Leal, co-chair of cosmetic maker Natura & Co, among other business leaders.

Former central bank president Arminio Fraga and former finance minister Pedro Malan also signed, as did six former justices of Brazil's Supreme Court, and popular singer Chico Buarque.

Bolsonaro, who is trailing former leftist president Luiz Inacio Lula da Silva in the polls, has frequently criticized the voting system and proposed that the armed forces be involved in counting the votes.

He has called for protests on Sept. 7 to back his allegations, less than a month before election day, raising fears that he will refuse to accept defeat and could try to trigger a coup or encourage a mob of supporters to take to the streets.

"We should now be at the height of democracy, with different political projects vying to convince voters which is the best direction for the country to take in the next few years," the manifesto said.

"Instead, we are facing a moment of immense danger for our democratic institutions and insinuations of contempt for the result of the elections," the letter said.

The signatories said Brazil's electronic voting system has been an example for the world, ensuring the election of alternating parties in power in a safe and reliable way.

"In today's Brazil, there is no more room for authoritarian setbacks," the letter said, recalling dictatorship and torture that Brazil suffered in the past under military rule.

Bolsonaro's chief of staff, Ciro Nogueira, responding to the proclamation, said on Twitter (NYSE:TWTR) bankers were upset with the president because he had established the independence of the central bank, and banks had lost more than 30 billion reais ($5.6 billion) in transaction fees due to a new system for electronic payments.

($1 = 5.3511 reais)

Bankers and business leaders say Brazil's democracy in 'grave danger'
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email