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Explaining Brazil

The Brazilian Report
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News from Brazil, by The Brazilian Report — an independent media outlet uniquely positioned to offer an insider’s view of current affairs in Brazil.

  1. 2 DGN GELEDEN

    Brasília enters an election year on edge (preview)

    Brasília is back to work — and the new legislative year has opened with all the familiar rituals: lofty speeches about stability, institutional balance, and dialogue, plus promises of an ambitious agenda ahead. But this is no ordinary year. Brazil is heading into a high-stakes election in October. Voters will choose a president, renew the entire House, elect two-thirds of the Senate, pick 27 governors, and decide the fate of hundreds of state legislators. From now on, everything in Brasília will be filtered through the election calendar — what Congress dares to vote on, what the government is willing to push forward, and even how and when Supreme Court justices make their moves. And looming over all of it is a growing source of anxiety. Hovering above the capital is the Banco Master case — an investigation lawmakers privately describe as unpredictable, corrosive, and potentially explosive. We touched on it last week, but its shadow is only getting longer. Since Operation Car Wash erupted in 2014, Congress has not entered an election year under such a serious risk of being overwhelmed by corruption allegations — the kind that can torpedo campaigns, reshape alliances, and, in some cases, lead to criminal consequences. Send us your feedback Support the show

    11 min
  2. Brasília enters an election year on edge

    3 DGN GELEDEN • ALLEEN VOOR ABONNEES

    Brasília enters an election year on edge

    Brasília is back to work — and the new legislative year has opened with all the familiar rituals: lofty speeches about stability, institutional balance, and dialogue, plus promises of an ambitious agenda ahead. But this is no ordinary year. Brazil is heading into a high-stakes election in October. Voters will choose a president, renew the entire House, elect two-thirds of the Senate, pick 27 governors, and decide the fate of hundreds of state legislators. From now on, everything in Brasília will be filtered through the election calendar — what Congress dares to vote on, what the government is willing to push forward, and even how and when Supreme Court justices make their moves. And looming over all of it is a growing source of anxiety. Hovering above the capital is the Banco Master case — an investigation lawmakers privately describe as unpredictable, corrosive, and potentially explosive. We touched on it last week, but its shadow is only getting longer. Since Operation Car Wash erupted in 2014, Congress has not entered an election year under such a serious risk of being overwhelmed by corruption allegations — the kind that can torpedo campaigns, reshape alliances, and, in some cases, lead to criminal consequences.

    39 min

  3. 29 JAN

    Banco Master and the Supreme Court: After the glory came the crisis (preview)

    As the saying goes, the calm comes before the storm. In Brazil’s Supreme Court, the current crisis came after a period of glory and renown. In September 2025, the Supreme Court made history and became a global reference. Breaking with Brazil’s long tradition of impunity for military interference in politics, the court analyzed a wealth of evidence and convicted former President Jair Bolsonaro and top-ranking military officers for attempting a coup after losing the 2022 election. That same month, Edson Fachin took office as the Supreme Court Chief Justice and quickly expressed his desire to create a code of conduct for members of the top court. Apparent conflicts of interest involving justices are common — and preventing them is also a way to strengthen the rule of law. In December, however, the court was pulled into the swirling scandal involving Banco Master — a mid-sized lender that was liquidated amid suspicions of fraud involving billions of reais. The bank’s owner, Daniel Vorcaro, has ties to state governors, lawmakers, high-ranking executive personnel and justices, putting many people under suspicion across the political spectrum. Late last year, the press revealed that the wife of Justice Alexandre de Moraes had signed a three-year contract with Banco Master worth BRL 129 million (USD 25 million) to work as a lawyer for the bank. The contract's value raised eyebrows. Soon after, it became public that Justice Dias Toffoli, the rapporteur of the Master case, had recently traveled on a private jet to a football match with the lawyer of one of the bank’s former executives. That alone would already be inappropriate. But from there, the problems only piled up. Send us your feedback Support the show

    10 min
  4. Banco Master and the Supreme Court: After the glory came the crisis

    29 JAN • ALLEEN VOOR ABONNEES

    Banco Master and the Supreme Court: After the glory came the crisis

    As the saying goes, the calm comes before the storm. In Brazil’s Supreme Court, the current crisis came after a period of glory and renown. In September 2025, the Supreme Court made history and became a global reference. Breaking with Brazil’s long tradition of impunity for military interference in politics, the court analyzed a wealth of evidence and convicted former President Jair Bolsonaro and top-ranking military officers for attempting a coup after losing the 2022 election. That same month, Edson Fachin took office as the Supreme Court Chief Justice and quickly expressed his desire to create a code of conduct for members of the top court. Apparent conflicts of interest involving justices are common — and preventing them is also a way to strengthen the rule of law. In December, however, the court was pulled into the swirling scandal involving Banco Master — a mid-sized lender that was liquidated amid suspicions of fraud involving billions of reais. The bank’s owner, Daniel Vorcaro, has ties to state governors, lawmakers, high-ranking executive personnel and justices, putting many people under suspicion across the political spectrum. Late last year, the press revealed that the wife of Justice Alexandre de Moraes had signed a three-year contract with Banco Master worth BRL 129 million (USD 25 million) to work as a lawyer for the bank. The contract's value raised eyebrows. Soon after, it became public that Justice Dias Toffoli, the rapporteur of the Master case, had recently traveled on a private jet to a football match with the lawyer of one of the bank’s former executives. That alone would already be inappropriate. But from there, the problems only piled up.

    37 min

  5. 21 JAN

    How the Mercosur-EU deal impacts Brazilian firms beyond exports (preview)

    Amid a global context of eroding multilateralism and rising US trade wars, Mercosur and the European Union are trying to create a shared market for more than 700 million people.  The proposed free trade zone for goods and services encompasses 27 European countries, plus Brazil, Argentina, Paraguay and Uruguay on the other side of the Atlantic, with Bolivia in the process of joining as well. Combined, the economies involved in the deal make up for approximately 20% of global GDP. The deal was finally signed on January 17, after more than 26 years of back-and-forth negotiations.  But yet again, European farming countries are doing whatever they can to stall its implementation. On January 21, European lawmakers backed a resolution to seek an opinion from the EU’s Court of Justice on whether the free-trade deal complies with existing EU treaties. That could stall the deal by up to two years — although the agreement’s backers, such as Germany, are trying to go ahead and implement it on a provisional basis until the court says its piece.  Send us your feedback Support the show

    12 min
  6. How the Mercosur-EU deal impacts Brazilian firms beyond exports

    21 JAN • ALLEEN VOOR ABONNEES

    How the Mercosur-EU deal impacts Brazilian firms beyond exports

    Amid a global context of eroding multilateralism and rising US trade wars, Mercosur and the European Union are trying to create a shared market for more than 700 million people. The proposed free trade zone for goods and services encompasses 27 European countries, plus Brazil, Argentina, Paraguay and Uruguay on the other side of the Atlantic, with Bolivia in the process of joining as well. Combined, the economies involved in the deal make up for approximately 20% of global GDP. The deal was finally signed on January 17, after more than 26 years of back-and-forth negotiations. But yet again, European farming countries are doing whatever they can to stall its implementation. On January 21, European lawmakers backed a resolution to seek an opinion from the EU’s Court of Justice on whether the free-trade deal complies with existing EU treaties. That could stall the deal by up to two years — although the agreement’s backers, such as Germany, are trying to go ahead and implement it on a provisional basis until the court says its piece.

    34 min

  7. 16 JAN

    What happened to Brazil-Venezuela relations? (preview)

    Lula did not recognize Maduro’s 2024 election win, but his first two terms in office in the 2000s saw him make South American integration a top priority of Brazil’s foreign policy, and maintain close ties with the Hugo Chavez government of the time. Venezuela held the world’s largest oil reserves. It was a country with limited development in other sectors, highly dependent on imports, and eager to challenge a US-led world order. Brazil, meanwhile, had industrial goods, construction companies looking to expand abroad, and ambitions to lead the political rise of the Global South. The partnership had the potential to be highly fruitful. Since then, however, much has changed in both countries, and ambitious regional integration projects have stalled. Now the United States is once again pulling Venezuela back into its sphere of influence, and away from China and Russia — and Brazil appears to have little room to maneuver. To understand Brazil-Venezuela relations in the 21st century — including the economic and political choices made by each country — our guests are: Diplomat Rômulo Neves, telling us what he witnessed firsthand in Brazil-Venezuela diplomatic relations while serving at the Brazilian Embassy in Caracas in 2007, during Chávez’s government. He is currently Minister-Counselor at the Brazilian Embassy in Rwanda, and author of the book “Political Culture and Elements for Analyzing Venezuelan Politics,” published in Portuguese by Funag.  Our Latin America Editor, Ignacio Portes, discusses what has changed in those bilateral relations during Maduro's government.  Send us your feedback Support the show

    15 min
  8. What happened to Brazil-Venezuela relations?

    16 JAN • ALLEEN VOOR ABONNEES

    What happened to Brazil-Venezuela relations?

    Lula did not recognize Maduro’s 2024 election win, but his first two terms in office in the 2000s saw him make South American integration a top priority of Brazil’s foreign policy, and maintain close ties with the Hugo Chavez government of the time. Venezuela held the world’s largest oil reserves. It was a country with limited development in other sectors, highly dependent on imports, and eager to challenge a US-led world order. Brazil, meanwhile, had industrial goods, construction companies looking to expand abroad, and ambitions to lead the political rise of the Global South. The partnership had the potential to be highly fruitful. Since then, however, much has changed in both countries, and ambitious regional integration projects have stalled. Now the United States is once again pulling Venezuela back into its sphere of influence, and away from China and Russia — and Brazil appears to have little room to maneuver. To understand Brazil-Venezuela relations in the 21st century — including the economic and political choices made by each country — our guests are: Diplomat Rômulo Neves, telling us what he witnessed firsthand in Brazil-Venezuela diplomatic relations while serving at the Brazilian Embassy in Caracas in 2007, during Chávez’s government. He is currently Minister-Counselor at the Brazilian Embassy in Rwanda, and author of the book “Political Culture and Elements for Analyzing Venezuelan Politics,” published in Portuguese by Funag. Our Latin America Editor, Ignacio Portes, discusses what has changed in those bilateral relations during Maduro's government.

    49 min
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News from Brazil, by The Brazilian Report — an independent media outlet uniquely positioned to offer an insider’s view of current affairs in Brazil.

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