Brazilian stock market collapses

The Brazilian stock exchange dropped 10% on Thursday.

A major Brazilian newspaper reported that there would be recordings of Temer who made a payment to Eduardo Cunha, who was following the resignation of former President Dilma Rousseff last year.

The tape would have been passed to the Supreme Court of Brazili by two members of meat processor JBS, according to the newspaper O Globo, as part of a deal with justice to reduce prosecution.

O Globo has not published image or sound. The president, acting as a temporary replacement of Rousseff, denies all allegations.

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