Brazil markets plunge after Jair Bolsonaro removes Petrobras chief
The real falls and Petrobras’s shares plunge 19% as investors worry that policy could be heading in the wrong direction
22 February 2021 - 18:34
Brasilia — Brazilian markets plunged on Monday after President Jair Bolsonaro removed the head of state-controlled oil company, the latest sign that his government is rolling back market-friendly policy initiatives to shore up his sinking popularity.
Bolsonaro’s decision on Friday to replace the University of Chicago-educated economist at the helm of Petroleo Brasileiro (Petrobras) after a feud over fuel prices surprised even his inner political circle, according to two government officials familiar with the episode...
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