Bankers and business leaders say Brazil’s democracy in ‘grave danger’

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Roberto Egydio Setubal, CEO of Itau Unibanco attends the final session ‘The Global Agenda 2015’ in the Swiss mountain resort of Davos January 24, 2015. REUTERS/Ruben Sprich/File Photograph

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SAO PAULO, July 26 (Reuters) – Top rated Brazilian bankers and businessmen issued a letter on Tuesday in defense of Brazil’s electronic voting process that has been attacked by far-right President Jair Bolsonaro, and warned that the country’s democracy was in “grave danger.”

The manifesto, signed by some 3,000 leading Brazilian figures, did not mention Bolsonaro by title, but evidently resolved the circumstance he has prompted by questioning the voting method forward of the Oct. 2 election and attacking Supreme Courtroom justices who oversee the elections in Brazil.

Their letter referred to “unfounded assaults” on the voting program, which Bolsonaro claims is vulnerable to fraud, and “insinuations” that the election effects will not be highly regarded.

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It was signed by Roberto Setubal, chairman of Itau Unibanco (SUZB3.SA), Walter Schalka, main govt of pulp and paper multinational Suzano Papel e Celulose SA (SUZB3.SA), Guilherme Leal, co-chair of cosmetic maker Natura & Co (NTCO3.SA), among other company leaders.

Former central financial institution president Arminio Fraga and previous finance minister Pedro Malan also signed, as did six former justices of Brazil’s Supreme Courtroom, and well known singer Chico Buarque.

Bolsonaro, who is trailing former leftist president Luiz Inacio Lula da Silva in the polls, has often criticized the voting program and proposed that the armed forces be included in counting the votes.

He has called for protests on Sept. 7 to back again his allegations, significantly less than a thirty day period just before election day, elevating fears that he will refuse to take defeat and could try out to cause a coup or motivate a mob of supporters to get to the streets.

“We ought to now be at the top of democracy, with unique political jobs vying to influence voters which is the very best direction for the place to take in the upcoming couple of yrs,” the manifesto reported.

“Instead, we are facing a minute of immense danger for our democratic institutions and insinuations of contempt for the consequence of the elections,” the letter reported.

The signatories said Brazil’s digital voting program has been an example for the planet, ensuring the election of alternating get-togethers in electric power in a protected and reputable way.

“In modern Brazil, there is no much more space for authoritarian setbacks,” the letter reported, recalling dictatorship and torture that Brazil suffered in the earlier less than military rule.

Bolsonaro’s chief of personnel, Ciro Nogueira, responding to the proclamation, stated on Twitter bankers ended up upset with the president because he experienced recognized the independence of the central lender, and financial institutions experienced misplaced far more than 30 billion reais ($5.6 billion) in transaction expenses due to a new method for electronic payments.

($1 = 5.3511 reais)

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Reporting by Lisandra Paraguassu in Brasilia and Alberto Alerigi and Aluisio Alves in Sao Paulo
Crafting by Anthony Boadle
Enhancing by Matthew Lewis

Our Criteria: The Thomson Reuters Belief Rules.

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