Brazil's former President Michel Temer was arrested on Thursday in 'Op...
SAO PAULO/BRASILIA - Brazil’s former President Michel Temer was arrested on Thursday in “Operation Radioactivity,” a probe of alleged graft in the construction of a nuclear power plant, threatening to delay debate over the government’s ambitious fiscal reforms.
“This could slow down the pension reform process, which is already disappointing,” Danilo Gennari, partner at Brasilia-based political consultancy DRG. “Temer’s arrest will not help the climate in Congress.” Over 150 powerful politicians and businessmen have been convicted in relation to the investigation since 2014, which has reshaped the country’s political and business landscapes.
Shares of Eletrobras, which has been the focus of shifting privatization plans in recent years, fell nearly 3 percent on Thursday. Temer, who left office with an approval rating of 7 percent, had not been formally cited in the case.
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