Brazil's Rousseff impeached

|By:, SA News Editor

The impeachment vote is still going on in the country's lower house, but the ruling Workers Party has conceded defeat, reports Reuters. At the moment, of 412 votes cast, 307 have voted to impeach President Rousseff, and 101 have voted against. A total of 344 are needed to send the process over to the Senate.

For those wondering what's taking so long, house members vote one-by-one, with each making a small speech alongside.

Once in the Senate, a simple majority would be enough to put Rousseff on trial, a decision expected in May. Were the trial to be approved, Rousseff would be suspended from office, and former (but no more) ally Vice President Michel Temer would take over.

Brazil's stock market, of course, has put together a powerful rally this year on hopes for Rousseff's removal. That is looking more like a reality at the moment.

ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ

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