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

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

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

The manifesto, signed by some 3,000 foremost Brazilian figures, did not mention Bolsonaro by name, but evidently tackled the problem he has brought on by questioning the voting procedure in advance of the Oct. 2 election and attacking Supreme Courtroom justices who oversee the elections in Brazil.

Their letter referred to “unfounded assaults” on the voting method, which Bolsonaro claims is vulnerable to fraud, and “insinuations” that the election outcomes will not be revered.

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It was signed by Roberto Setubal, chairman of Itau Unibanco (SUZB3.SA), Walter Schalka, chief govt of pulp and paper multinational Suzano Papel e Celulose SA (SUZB3.SA), Guilherme Leal, co-chair of cosmetic maker Natura & Co (NTCO3.SA), among the other business enterprise 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-liked singer Chico Buarque.

Bolsonaro, who is trailing previous leftist president Luiz Inacio Lula da Silva in the polls, has often criticized the voting process and proposed that the armed forces be included in counting the votes.

He has termed for protests on Sept. 7 to back again his allegations, less than a thirty day period just before election working day, boosting fears that he will refuse to acknowledge defeat and could try out to cause a coup or inspire a mob of supporters to consider to the streets.

“We should really now be at the top of democracy, with various political initiatives vying to convince voters which is the best path for the place to choose in the next couple of a long time,” the manifesto said.

“Alternatively, we are dealing with a instant of huge risk for our democratic institutions and insinuations of contempt for the end result of the elections,” the letter reported.

The signatories mentioned Brazil’s digital voting technique has been an illustration for the entire world, making sure the election of alternating get-togethers in electric power in a protected and dependable way.

“In present-day Brazil, there is no extra room for authoritarian setbacks,” the letter said, recalling dictatorship and torture that Brazil experienced in the past beneath navy rule.

Bolsonaro’s chief of workers, Ciro Nogueira, responding to the proclamation, said on Twitter bankers had been upset with the president because he had proven the independence of the central bank, and banks had misplaced a lot more than 30 billion reais ($5.6 billion) in transaction charges because of to a new process for electronic payments.

($1 = 5.3511 reais)

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

Our Specifications: The Thomson Reuters Have faith in Concepts.

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