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

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

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

The manifesto, signed by some 3,000 main Brazilian figures, did not mention Bolsonaro by name, but evidently tackled the situation he has prompted by questioning the voting method in advance of the Oct. 2 election and attacking Supreme Court docket justices who oversee the elections in Brazil.

Their letter referred to “unfounded attacks” on the voting process, which Bolsonaro promises is susceptible to fraud, and “insinuations” that the election effects will not be respected.

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

Former central financial institution president Arminio Fraga and previous finance minister Pedro Malan also signed, as did 6 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 usually criticized the voting system and proposed that the armed forces be associated in counting the votes.

He has referred to as for protests on Sept. 7 to back again his allegations, fewer than a thirty day period just before election day, elevating 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 need to now be at the top of democracy, with various political projects vying to influence voters which is the greatest course for the region to get in the next several a long time,” the manifesto said.

“Rather, we are facing a instant of immense risk for our democratic establishments and insinuations of contempt for the outcome of the elections,” the letter explained.

The signatories mentioned Brazil’s electronic voting system has been an example for the planet, ensuring the election of alternating events in electric power in a secure and reliable way.

“In modern Brazil, there is no a lot more space for authoritarian setbacks,” the letter explained, recalling dictatorship and torture that Brazil experienced in the earlier below armed service rule.

Bolsonaro’s chief of staff, Ciro Nogueira, responding to the proclamation, stated on Twitter bankers were being upset with the president for the reason that he had proven the independence of the central bank, and banking institutions had dropped far more than 30 billion reais ($5.6 billion) in transaction charges owing to a new method 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
Enhancing by Matthew Lewis

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