Brazilian President Says He Won't Resign Over Hush Money Allegations

The country's main Ibovespa stock index dropped 10 percent within 90 minutes of opening and trading was stopped for 30 minutes. Analysts predicted the Brazi

The country's main Ibovespa stock index dropped 10 percent within 90 minutes of opening and trading was stopped for 30 minutes. Analysts predicted the Brazi

After listening to the recording, a spokesman for President Temer said the president was more resolute than ever to fight the investigation and salvage his deeply unpopular presidency. He has completed one year in office without any relevant proposals to tackle the systemic causes of corruption in the country, and also shown little concern for even minimal ethical standards, nominating and maintaining in key positions people tainted by serious allegations of corruption or under formal investigation.

Five of the top 10 trending topics in Brazil on Twitter were related to the scandal, including the subject "Temer will resign".

A statement from Temer's office confirmed that the president did meet with Batista in March but denied soliciting a bribe.

In addition to implicating Temer in the exchange with Cunha, Joesley Batista, the owner of JBS, reportedly testified that he had paid Cunha R$5 million since his imprisonment as part of an ongoing financial agreement, and still owed him R$20 million, in an agreement made after the politician exempted the poultry industry from certain taxes.

The situation of Brazilian President Michel Temer became delicate on Thursday following a newspaper report that he is accused of taking bribes and endorsing bribes to silence a witness in a corruption case.

Temer's office acknowledged the president had met with Batista, but said the conversation did not "compromise his conduct" as president.

Allegations of serious corruption against Brazilian President Michel Temer risk ruining the country's recent reputation for making tough decisions to stop corruption, anti-corruption group Transparency International said today.

In a nationally televised address, Temer, who ascended to the top job only previous year after the impeachment of Dilma Rousseff, was defiant. "I demand an immediate investigation".

Several hundred anti-Temer protesters gathered in Sao Paulo, while in the capital Brasilia motorists honked horns and yelled "Temer out!". The speaker of the lower house of Congress, Rodrigo Maia, who is next in line of succession due to the absence of a vice president, would take over until Congress elects a new president within 30 days to lead the country until the end of next year. Brazil's political crisis deepened sharply on Thursday with corruption allegations th.

It is believed that Cunha has evidence on a number of high-ranking politicians and business leaders in a massive nationwide "Car Wash" corruption investigation into bribes to obtain contracts at state-owned oil-giant, Petrobras.

Temer is also a subject of other investigations, including one into how his joint party ticket with Rousseff (he first came to power as vice-president) was funded, which could void the results of the 2014 election.

She was found guilty by Congress of illegally manipulating the government's accounts to mask the depth of a painful recession.

Officers in the southern city of Curitiba searched the home of federal deputy Rodrido Rocha Loures, a longtime confidant of President Temer and a member of the president's party.

Temer quickly set about introducing market reforms to try to get Brazil's floundering economy back on the rails.

The head of the Brazilian Bar Association, Mr Claudio Lamachia, said that the alleged recordings need to be made public as soon as possible.

Apparently the brothers reached an agreement with prosecutors which involved helping pin down Temer, and powerful coalition leader Aécio Neves, as part of a plea bargain. However, amid the increasing number of scandalous stories, more and more Republicans are distancing themselves from the administration.

In his statement Thursday, Temer angrily responded: "I never bought anyone's silence".

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