Business

Why banks are now voicing concern about Brazilian democracy

Fearful of the economic consequences of a Bolsonaro-led coup attempt, Big business has belatedly decided to speak up, signing manifestos in defense of democracy

Why banks are now voicing concern about Brazilian democracy
Headquarters of Fiesp, a federation of São Paulo industrialists which launched a pro-democracy manifesto. Photo: Avener Prado/Folhapress

At a lavish event this week in Brasilia, many of Brazil’s top companies and financial institutions came together to voice their concern that President Jair Bolsonaro would not accept the result of this year’s election should it go against him.

The Brazilian Report was there. Between dishes crafted by renowned chefs and wines costing more than a basic basket of food, big-business representatives fervently defended democracy, while former Supreme Court justices delivered lectures and repeated catchphrases from the lectern.

No one advocated in favor of a preferred candidate. There was not even specific criticism of Mr. Bolsonaro. “What prevailed was...

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