By Lubomyr Velychko |
Brasília, Brazil – Brazil has been undergoing one of its worst economical feats since three decades ago, when the country was submerged in astronomical inflation rates due to rapid industrialization. This near-instantaneous growth of Brazil’s economy was all due to wealthy investments originating from Russia and the United States, which became so overwhelming that they were not reimbursed, resulting in a default.
On Thursday, May 12, history was seemingly attempting to repeat itself when the parliament of Brazil voted 55-26 to proceed with the impeachment trials of their president, Dilma Rousseff. Brazil, for the past three years, has been on-edge internally, with virtually every aspect of its economy deteriorating due to the influx of government corruption and diminishing demand.
Recently, the Panama Papers have only added to the present issue in Brazil when five individuals were plastered with the crime of setting up offshore accounts to mask the robbery of government money. Although she was not mentioned in the Panama Papers, Rousseff has been the name associated in Brazil with fraud, where it is rumored by her opposing government parties that she accepted bribes from Petrobras- Brazil’s state run petroleum firm. This has, in the recent month, led to the organization of one hundred thousand people to congregate in the streets in Brasilia and protest in hopes of having Rouseff impeached. The protests were managed by police, but Rouseff refers to the events as being a “coup,” speaking publicly for the first time since senators voted to begin an impeachment trial against her.
Going into 2016, the year’s itinerary could not have much more in store for the nation. With the Olympics being held in Rio De Janeiro, many of the sectors of the country have been vamped up to produce at expeditious rates in order to be prepared for the influx of foreigners. In addition, the outbreak of Zika sourced from the rainforest in Brazil only adds to the misallocation of funds from Rousseff and how her time as President has led to government funds being misused for personal interests.
Brazil needs restructuring. In the past decades, Brazil has been seen as one of the most sophisticated global market structures where it has been subjected to being the model economy after which much of Latin America molds itself around. However, these current issues mean trouble for the tourists coming to the Olympics this summer. They are also causing a tense, near anxious, environment for Latin America, which provides a key amount of petroleum for O.P.E.C. To say the least, times are changing for Rousseff, but with this change things will be drastically evolving for the world as whole.