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

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

SAO PAULO, July 26 (Reuters) – Best Brazilian bankers and businessmen issued a letter on Tuesday in protection of Brazil’s digital voting program that has been attacked by far-correct President Jair Bolsonaro, and warned that the country’s democracy was in “grave hazard.”

The manifesto, signed by some 3,000 top Brazilian figures, did not point out Bolsonaro by identify, but clearly addressed the situation he has induced by questioning the voting program forward of the Oct. 2 election and attacking Supreme Court justices who oversee the elections in Brazil.

Their letter referred to “unfounded assaults” on the voting system, which Bolsonaro promises is susceptible to fraud, and “insinuations” that the election outcomes will not be highly regarded.

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

Previous central financial institution president Arminio Fraga and previous finance minister Pedro Malan also signed, as did 6 previous justices of Brazil’s Supreme Court, and preferred singer Chico Buarque.

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

He has referred to as for protests on Sept. 7 to back his allegations, considerably less than a thirty day period ahead of election day, raising fears that he will refuse to settle for defeat and could test to result in a coup or motivate a mob of supporters to consider to the streets.

“We must now be at the height of democracy, with diverse political assignments vying to persuade voters which is the most effective way for the region to just take in the subsequent few decades,” the manifesto mentioned.

“As a substitute, we are experiencing a moment of huge threat for our democratic institutions and insinuations of contempt for the consequence of the elections,” the letter reported.

The signatories stated Brazil’s digital voting method has been an illustration for the entire world, making certain the election of alternating parties in power in a risk-free and reliable way.

“In present day Brazil, there is no more room for authoritarian setbacks,” the letter mentioned, recalling dictatorship and torture that Brazil suffered in the past below navy rule.

Bolsonaro’s main of staff, Ciro Nogueira, responding to the proclamation, reported on Twitter bankers were upset with the president simply because he experienced proven the independence of the central bank, and financial institutions had missing additional than 30 billion reais ($5.6 billion) in transaction expenses due to a new system for electronic payments.

($1 = 5.3511 reais)

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

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