While Lula’s release is sure to electrify Brazilian politics, it may not shift the balance of power.
Brazil’s leftist former President Luiz Inacio Lula da Silva left prison on Friday after a judge ordered his release, startling financial markets and reigniting both ends of the political spectrum with calls for demonstrations in coming days.
Brazil’s currency and benchmark Bovespa stock index both fell 1.8% on Friday, weighed down first by a Supreme Court ruling paving the way for Lula’s release and deepening losses after the formal court order letting him go. A charismatic speaker and formidable campaigner, Lula is ineligible under Brazil’s Clean Record law to seek elected office until 2025. While he can otherwise engage in politics, his release from prison is pending appeals that may continue winding through the courts for years.
In a sign of the fault lines stretching across Latin America, Argentina’s left-wing President-elect Alberto Fernandez was quick to celebrate Lula’s release on Friday and criticise his “persecution” by Brazilian courts.The federal judge’s order freeing Lula followed a Supreme Court ruling late on Thursday ending the mandatory imprisonment of convicted criminals after they lose their first appeal.
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