Brazilian President Jair Bolsonaro is in a tough spot. Fires are burning through the Amazon as we speak and the financial pressure is increasing. Fabio Silveria who works as a director for Sao Paulo financial consulting had this to say.
“The disaster has already been done to the environmental image, that means that the cost lenders put on Brazil’s environmental risk, previously regarded as close to zero, just went up.”
“Brazilian companies and the Brazilian government loose. Nobody can deny international banks put a cost on environmental risk.”
The devastating fires caused by deforestation has forced Brazil to ask for help from U.S. President Donald Trump, Bolsonaro is expected to hear back today wether or not Trump is going to lend a hand. The country is also fielding offers from Chile, Ecuador and Israel.
Reported on Thursday, VF Corp, maker of Timberland, Vans and various apparel brands, said it would stop buying leather from Brazil because of environmental concerns.
Bolsonaro said he wants to bar the creation of new indigenous reserves in Brazil and will review those already in place. He also told reporters he may travel to the Amazon next week.
(All Images Courtesy Of Google)