The Stumble of a Giant
The moment is bad for Brazil — and everyone knows. The taxi driver, who's [literally] fighting for more passengers knows it. The coffee shop, that just started selling executive courses knows it. The 1,2 million Brazilians who lost or are expected to lose their jobs before 2016 know it.
Yesterday, you might have seen, Brazilian National Petroleum Agency had its turn. With numbers unseen since 2003, ANP's 13th round sold 37 of the 266 offered blocks, summing less than 100 million dollars, with Petrobras bidding in none of them.
It's definitely symptomatic. But we know its no surprise.
Last time we knew, Petrobras held over 100 billion dollars in debt, but at that point the dollar was costing no more than R$3,10, against the nearly R$4,00 of today.
It is the stumble of a monster troll — a strong, giant, shaky, diseased troll called Brazil. In the Politics, for instance, it couldn't be worse, as Brazilian Electoral High-Court just decided to reopen the repealing process against President Rousseff.
It will take some time. It is a process. But it will pass.
From every perspective, it looks awful. Hard bruises, deep cuts and many broken bones may keep the giant on the floor for a while. However, in the end it won’t matter how long it took for Brazil to get back up, but really how Brazil changed the way things are done around here.