Brazil’s stocks and its currency rallied on signs that President Jair Bolsonaro’s administration is preparing for a peaceful transfer of power after losing Sunday’s election to Luiz Inacio Lula da Silva.
The president’s communications chief said that Bolsonaro won’t contest the election, according to Reuters. Meanwhile, a press official for Lula’s Worker’s Party said Bolsonaro’s top aide, Ciro Nogueira, offered a meeting place for transition teams from the outgoing and incoming presidents.
That would be a relief for investors who have been waiting for the incumbent, who had cast doubt on the integrity of the election during campaigning, to concede defeat.
It is looking increasingly likely that Jair Bolsonaro will move into a vigorous opposition rather than contest the election result. Unruly trucker protests notwithstanding, this is a clear positive for the trajectory of governance, although the bar for what constitutes good governance has been lowered significantly over the last decade.Click HERE to subscribe to Fuller Treacy Money Back to top