There's No Going Back

October 2007 | Ratings Update

The recent resignation of the President of the Senate, Renan Calheiros, has calmed tensions in the political sphere. While he had initially resigned for a period of 45 days, it looks unlikely that he will return to his position as president, which could slow the government's reform agenda. Indeed, Calheiros is a key ally of President Luiz Inácio Lula da Silva, and his position was extremely beneficial from a reform perspective. As such, the government's bargaining position has been somewhat weakened. We expect the next president to be affiliated to Lula's coalition, although there is a risk that an opposition

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