Brazil's president charged with corruption

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The real dropped 0.9 percent in morning trading amid a broader sell-off in the emerging currency market. With 61 of the 81 Senate members voting in favor of impeaching Rousseff, 14 years of leftist rule in the largest country in Latin America came to an end. Now they have much more to consider.

The charge against Temer was widely expected and investors were calm yesterday.

Lula has denied owning the property and slammed the case as a "farce", claiming it is an attempt to destroy his character and sabotage his candidacy in the 2018 presidential election.

Earlier this month, Temer batted away illegal campaign financing allegations after the electoral court dismissed a case that could have removed him from office. "If Congress has any connection left whatsover with the society it represents, then Janot's strategy of wearing lawmakers down with multiple votes will win and you will see the president put on trial", - political scientist Carlos Melo says votes by lawmakers will be a test of how alienated Brazil's political class is from an increasingly angry population. Many allies of Temer have struggled with whether to continue supporting him or break away with an eye toward elections next year.

Batista made the recording as part of a plea bargain with the prosecutor's office. The corruption allegation carries a sentence of between two and 12 years.

The accusation comes with a blistering assessment of Temer and his actions as Brazil's top leader. At the time, prosecutors were mulling accusations from JDS executives that Temer had taken $4.6 million in bribes from the meatpacking group.

The president has yet to respond officially to the indictment.

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"From a legal point of view, my concerns are minimal", Temer said.

He wrote that Temer should pay $3 million in damages. In his first comments since returning from a trip to Russian Federation and Norway, he said earlier Monday that he had no intention of stepping down."There is no plan B", he said at a ceremony to sign a new bill in the capital Brasilia. "Not me and not our ministers", he said during the ceremonial signing of a bill in the capital of Brasilia. He is also under pressure from tanking popularity and numerous calls for him to step down.

A customer watches a televised brief statement by Brazil's President Michel Temer at a snack bar in Rio de Janeiro, Brazil, Tuesday, June 27, 2017.

Since he took office in May a year ago, Temer's market-friendly administration has been dogged by scandal, accusations of illegitimacy and low levels of popularity. His approval rate is just 7%, according to a recent opinion poll.

The Attorney-General says Temer received a 500,000 BRL kickback paid in a suitcase by JBS to former aide Rodrigo Rocha Loures; the president also accepted 38 million BRL of undue advantages in weekly installments.

"I plead with the president to meditate over the opportunity of such a gesture of greatness", said Cardoso.

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