Brazil’s continuing economic and political troubles are denting business confidence and deterring investment in the country’s oil and gas sector.
Investors remain jittery about Brazil as political turmoil continues over the impeachment of President Dilma Rousseff, who is accused of breaking budget rules to support her 2014 re-election bid. In April, a congressional committee recommended the president be impeached, following which Rousseff suffered a crushing defeat in the lower house of Brazil’s National Congress. The Federal Senate is expected to vote in May on whether to put Rousseff on trial. Some investors take the view that a successful impeachment will accelerate economic recovery.
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