Political Risk Latin America Blog @PolRiskLatam

Rousseff to Face Serra in Brazilian Runoff Vote With No Majority

Posted in News and Articles, Political Risk by politicalrisklatam on October 4, 2010

by Maria Luiza Rabello, Matthew Bristow and Iuri Dantas for Bloomberg, October 4th, 2010.

Dilma Rousseff finished first in Brazil’s presidential election yesterday and will face her main rival, Jose Serra, in a runoff later this month after failing to capture a majority of votes.

President Luiz Inacio Lula da Silva’s handpicked successor won 46.9 percent, while former Sao Paulo Governor Serra had 32.6 percent with more than 99 percent of the ballots counted. Green Party candidate Marina Silva, who came in third with 19.3 percent, didn’t declare her support for either of her rivals in the Oct. 31 second round.

Brazilian dollar bonds gained for an eighth straight month in September while local stocks and the currency rallied on expectations Lula’s successor will preserve policies that are fueling the fastest economic expansion in two decades. A prolonged presidential race will allow Rousseff and Serra to detail their proposals, said Will Landers, who oversees $8 billion in Latin American stocks at BlackRock Inc.

“Both candidates are committed to giving continuity to the current economic program,” Landers said in an e-mail. “If speeches in the next month start to deviate from that, then we could see volatility.”(continue reading… )

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