Brazil: Bankers rueful over Rousseff

Rob Dwyer
Published on:

Brazil’s banking industry exclaimed loudly that another four years of Dilma Rousseff would be a disaster for the country. Now that she has been re-elected, have the bankers changed their minds?

Further reading 

Brazilian elections: Don't bank on Marina
Brazil faces tough future, say economists
Brazilian public banks: Short-term gain, long-term pain?

The sight of an opposition march down Faria Lima on October 22 will live long in the memory of those well-heeled manifestações who took part. Bankers, CEOs and CFOs joined a popular protest against the incumbent president Dilma Rousseff that made its way slowly down the avenue, which is flanked by the shiny new glass headquarters that make up Brazil’s new financial heartland.

The short elevator journey from business suite to street illustrated just how much resentment festers within the business community against the ruling PT party – as well as how much more money they thought they could make under an Aécio Neves presidency.

Then Rousseff won, albeit it closely. The markets braced for the impact from the warnings of financial and economic Armageddon to come....