IBOV 167,585.59 ▼ 0.17% IPSA 11,135.43 ▲ 0.06% IPC MEX 65,564.76 ▼ 1.32% MERVAL 3,027,068 ▲ 0.15% COLCAP 2,429.93 ▲ 0.27% BVL PERÚ 58,737.38 ▲ 0.28% USD/BRL5.17▲ 0.20% USD/MXN17.05▼ 0.27% USD/CLP912.85▼ 0.09% USD/COP3,112▼ 0.88% USD/PEN3.36▼ 0.65% USD/ARS1,492▲ 0.07% USD/UYU40.27▲ 1.24% USD/PYG5,939▲ 1.68% USD/BOB11.64▼ 0.76% USD/DOP58.34▲ 1.25% USD/CRC445.92▲ 0.89% USD/GTQ7.62▲ 2.21% USD/HNL26.79▲ 1.57% USD/NIO36.62▲ 0.69% USD/VES762.44▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.70▲ 0.61% EUR/BRL5.97▲ 1.33% BRENT 88.35 ▼ 0.63% WTI 82.57 ▼ 0.76% IRON ORE 161.91 — — COPPER 6.66 ▲ 0.74% GOLD 4,490 ▲ 2.44% SILVER 66.28 ▲ 2.33% SOY 1,174 ▲ 2.31% CORN 467.00 ▲ 6.93% WHEAT 649.25 ▲ 3.01% COFFEE 317.15 ▼ 5.54% SUGAR 16.92 ▲ 1.14% ORANGE JUICE 140.20 ▲ 0.72% COTTON 84.70 ▲ 1.94% COCOA 5,605 ▲ 1.12% BEEF 223.88 ▼ 3.81% CATTLE 340.90 ▼ 2.65% LITHIUM 75.68 ▲ 2.12% PETR4 41.59 ▼ 0.17% VALE3 72.88 ▲ 0.71% ITUB4 38.50 ▼ 1.28% BBDC4 16.77 ▼ 0.12% ABEV3 14.89 ▼ 0.80% BBAS3 19.24 ▼ 0.21% B3SA3 14.32 ▲ 0.21% WEGE3 47.82 ▲ 0.97% PRIO3 59.30 ▲ 0.08% SUZB3 40.59 ▲ 0.52% RENT3 34.85 ▲ 0.40% AZZA3 16.18 ▼ 0.86% CSAN3 3.29 ▲ 0.30% RAIZ4 0.25 — 0.00% PCAR3 2.76 — 0.00% GMAT3 3.62 ▼ 1.90% PSSA3 48.54 ▲ 0.31% CVCB3 1.37 — 0.00% POSI3 3.32 ▲ 1.22% SLCE3 13.29 ▼ 0.08% NATU3 8.21 ▲ 0.12% BRKM5 5.71 ▲ 1.24% RANI3 7.86 ▼ 0.51% CSNA3 4.37 ▲ 2.10% CMIN3 5.63 ▲ 1.08% USIM5 6.66 ▲ 0.60% GGBR4 24.81 ▲ 2.69% ENEV3 24.24 ▼ 1.26% CPFE3 43.22 ▼ 0.99% CMIG4 10.40 — 0.00% EQTL3 35.32 ▼ 1.37% LREN3 11.92 ▼ 0.91% VIVT3 30.16 ▲ 0.07% RAIL3 13.16 ▲ 1.54% KLABIN 17.58 ▲ 0.17% RAIA DROGASIL 18.09 ▼ 1.04% RDOR3 32.85 ▼ 0.96% HAPV3 9.69 ▼ 1.02% FLRY3 18.08 ▼ 0.60% SMTO3 14.68 ▼ 2.20% UGPA3 30.51 ▼ 1.55% VBBR3 33.04 ▼ 0.57% BBSE3 37.39 ▲ 0.35% BPAC11 49.62 ▼ 1.02% CURY3 30.50 ▼ 3.17% AERI3 2.17 ▼ 3.98% VIVARA 20.97 ▲ 0.38% COMPASS 21.76 ▲ 0.14% VAMOS 2.75 ▼ 1.79% SANB11 29.74 ▲ 0.75% ASAI3 8.00 ▼ 0.99% SBSP3 26.16 ▲ 0.65% WALMEX 48.41 ▲ 0.08% GMEXICO 224.88 ▲ 1.07% FEMSA 201.67 ▼ 1.95% CEMEX 19.28 ▲ 0.68% GFNORTE 194.28 ▲ 1.34% BIMBO 61.35 ▼ 0.36% TELEVISA 9.64 ▼ 0.52% AMX 19.84 ▼ 0.75% GAP 365.13 ▲ 0.12% ASUR 272.83 ▲ 0.44% OMA 232.52 ▲ 0.20% KOF 186.44 ▼ 0.09% GRUMA 251.03 ▼ 0.63% KIMBER 39.81 ▲ 0.61% SQM-B 66,949 ▲ 1.65% COPEC 6,048 ▲ 0.31% BSANTANDER 81.69 ▲ 1.86% FALABELLA 6,450 ▲ 0.33% ENELAM 87.30 ▲ 0.34% CENCOSUD 1,960 ▼ 1.50% CMPC 1,040 ▲ 0.42% BANCO CHILE 187.22 ▲ 0.20% LATAM AIR 24.51 ▲ 0.66% YPF 7,790 — 0.00% GGAL 7,035 — 0.00% PAMPA 5,080 — 0.00% TXAR 765.50 — 0.00% ALUAR 949.50 — 0.00% TGS 8,885 ▼ 4.77% CEPU 2,117 ▼ 3.25% MIRGOR 1,670 ▼ 1.18% COME 41.23 — 0.00% LOMA NEGRA 3,128 — 0.00% BYMA 279.75 — 0.00% TELECOM ARG 4,263 — 0.00% ECOPETROL 16.89 ▼ 0.71% BANCOLOMBIA 99.46 ▲ 1.47% GRUPO AVAL 5.44 ▲ 3.42% CREDICORP 381.10 ▲ 1.09% SOUTHERN COPPER 197.43 ▲ 1.52% BUENAVENTURA 35.22 ▲ 1.21% MERCADOLIBRE 1,878 ▼ 3.21% NUBANK 13.48 ▼ 1.25% XP 15.49 ▼ 0.13% PAGSEGURO 8.58 ▼ 3.54% STONE 9.90 ▼ 0.60% GLOBANT 37.29 ▼ 4.34% TECNOGLASS 42.21 ▼ 1.32% GAP AIRPORT 215.66 ▲ 0.97% ASUR 272.83 ▲ 0.44% OMA AIRPORT 109.20 ▲ 0.74% AMX ADR 23.42 ▼ 0.06% FEMSA ADR 118.45 ▲ 0.18% CEMEX ADR 11.30 ▲ 0.98% PETROBRAS ADR 17.93 — 0.00% VALE ADR 14.44 ▲ 0.84% ITAU ADR 7.41 ▼ 1.20% SANTANDER BR 5.80 ▲ 0.78% AMBEV ADR 2.85 ▲ 0.18% CSN 0.87 ▲ 0.52% GERDAU 4.82 ▲ 2.79% LATAM ADR 53.25 ▲ 0.45% BTC 63,569 ▲ 0.03% ETH 1,888 ▲ 0.38% SOL 75.74 ▼ 0.60% XRP 1.01 ▼ 1.08% BNB 611.01 ▼ 0.89% ADA 0.18 ▼ 2.32% DOGE 0.07 ▼ 2.10% AVAX 6.33 ▲ 0.14% LINK 8.75 ▼ 0.21% DOT 0.79 ▼ 0.22% LTC 45.37 ▼ 0.21% BCH 213.44 ▼ 0.09% TRX 0.34 ▲ 0.33% XLM 0.16 ▼ 0.77% HBAR 0.07 ▼ 0.73% NEAR 1.63 ▲ 0.92% ATOM 1.42 ▼ 1.32% AAVE 88.85 ▲ 0.69% SELIC 14.00% EMBRAER 92.35 ▼ 0.14% EMBRAER ADR 71.93 ▲ 0.76% JBS 13.03 ▲ 0.08% JBS BDR 68.36 ▲ 1.98% MBRF3 16.40 ▲ 1.49% MBRFY 3.13 ▲ 5.39% INTER 5.16 ▼ 0.77% EGX 55,040 ▲ 0.38% USD/ZAR16.13▼ 0.47% USD/NGN1,359▼ 0.29% NIKKEI 67,524 ▲ 0.83% CSI300 4,691 ▲ 0.58% HSI 25,440 ▼ 0.83% NIFTY 24,436 ▼ 0.15% KOSPI 6,579 ▲ 3.68% JCI 6,374 ▲ 1.69% USD/JPY159.18▼ 0.07% USD/CNY6.73▼ 0.22% DAX 26,471 ▲ 0.30% CAC 8,688 ▼ 0.31% FTSE 10,833 ▼ 0.10% MIB 53,909 ▲ 0.38% IBEX 20,238 ▲ 0.12% STOXX 660.75 ▲ 0.04% EUR/USD1.15▲ 0.06% GBP/USD1.35▲ 0.02% SPX 7,747 ▲ 0.24% DJI 53,773 ▼ 0.04% NDX 29,797 ▲ 0.92% RUT 3,042 ▲ 0.48% TSX 36,591 ▲ 0.32% VIX 14.82 ▼ 3.01% USD/CAD1.39▼ 0.02% US10Y 4.6620 ▼ 0.47% IBOV 167,585.59 ▼ 0.17% IPSA 11,135.43 ▲ 0.06% IPC MEX 65,564.76 ▼ 1.32% MERVAL 3,027,068 ▲ 0.15% COLCAP 2,429.93 ▲ 0.27% BVL PERÚ 58,737.38 ▲ 0.28% USD/BRL 5.17 ▲ 0.12% USD/MXN 17.03 ▼ 0.36% USD/CLP 909.22 ▼ 0.48% USD/COP 3,110 ▼ 0.93% USD/PEN 3.36 ▼ 0.57% USD/ARS 1,492 ▲ 0.03% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.97 ▲ 1.33% BRENT 88.35 ▼ 0.63% WTI 82.57 ▼ 0.76% IRON ORE 161.91 — — COPPER 6.66 ▲ 0.74% GOLD 4,490 ▲ 2.44% SILVER 66.28 ▲ 2.33% SOY 1,174 ▲ 2.31% CORN 467.00 ▲ 6.93% WHEAT 649.25 ▲ 3.01% COFFEE 317.15 ▼ 5.54% SUGAR 16.92 ▲ 1.14% ORANGE JUICE 140.20 ▲ 0.72% COTTON 84.70 ▲ 1.94% COCOA 5,605 ▲ 1.12% BEEF 223.88 ▼ 3.81% CATTLE 340.90 ▼ 2.65% LITHIUM 75.68 ▲ 2.12% PETR4 41.59 ▼ 0.17% VALE3 72.88 ▲ 0.71% ITUB4 38.50 ▼ 1.28% BBDC4 16.77 ▼ 0.12% ABEV3 14.89 ▼ 0.80% BBAS3 19.24 ▼ 0.21% B3SA3 14.32 ▲ 0.21% WEGE3 47.82 ▲ 0.97% PRIO3 59.30 ▲ 0.08% SUZB3 40.59 ▲ 0.52% RENT3 34.85 ▲ 0.40% AZZA3 16.18 ▼ 0.86% CSAN3 3.29 ▲ 0.30% RAIZ4 0.25 — 0.00% PCAR3 2.76 — 0.00% GMAT3 3.62 ▼ 1.90% PSSA3 48.54 ▲ 0.31% CVCB3 1.37 — 0.00% POSI3 3.32 ▲ 1.22% SLCE3 13.29 ▼ 0.08% NATU3 8.21 ▲ 0.12% BRKM5 5.71 ▲ 1.24% RANI3 7.86 ▼ 0.51% CSNA3 4.37 ▲ 2.10% CMIN3 5.63 ▲ 1.08% USIM5 6.66 ▲ 0.60% GGBR4 24.81 ▲ 2.69% ENEV3 24.24 ▼ 1.26% CPFE3 43.22 ▼ 0.99% CMIG4 10.40 — 0.00% EQTL3 35.32 ▼ 1.37% LREN3 11.92 ▼ 0.91% VIVT3 30.16 ▲ 0.07% RAIL3 13.16 ▲ 1.54% KLABIN 17.58 ▲ 0.17% RAIA DROGASIL 18.09 ▼ 1.04% RDOR3 32.85 ▼ 0.96% HAPV3 9.69 ▼ 1.02% FLRY3 18.08 ▼ 0.60% SMTO3 14.68 ▼ 2.20% UGPA3 30.51 ▼ 1.55% VBBR3 33.04 ▼ 0.57% BBSE3 37.39 ▲ 0.35% BPAC11 49.62 ▼ 1.02% CURY3 30.50 ▼ 3.17% AERI3 2.17 ▼ 3.98% VIVARA 20.97 ▲ 0.38% COMPASS 21.76 ▲ 0.14% VAMOS 2.75 ▼ 1.79% SANB11 29.74 ▲ 0.75% ASAI3 8.00 ▼ 0.99% SBSP3 26.16 ▲ 0.65% WALMEX 48.41 ▲ 0.08% GMEXICO 224.88 ▲ 1.07% FEMSA 201.67 ▼ 1.95% CEMEX 19.28 ▲ 0.68% GFNORTE 194.28 ▲ 1.34% BIMBO 61.35 ▼ 0.36% TELEVISA 9.64 ▼ 0.52% AMX 19.84 ▼ 0.75% GAP 365.13 ▲ 0.12% ASUR 272.83 ▲ 0.44% OMA 232.52 ▲ 0.20% KOF 186.44 ▼ 0.09% GRUMA 251.03 ▼ 0.63% KIMBER 39.81 ▲ 0.61% SQM-B 66,949 ▲ 1.65% COPEC 6,048 ▲ 0.31% BSANTANDER 81.69 ▲ 1.86% FALABELLA 6,450 ▲ 0.33% ENELAM 87.30 ▲ 0.34% CENCOSUD 1,960 ▼ 1.50% CMPC 1,040 ▲ 0.42% BANCO CHILE 187.22 ▲ 0.20% LATAM AIR 24.51 ▲ 0.66% YPF 7,790 — 0.00% GGAL 7,035 — 0.00% PAMPA 5,080 — 0.00% TXAR 765.50 — 0.00% ALUAR 949.50 — 0.00% TGS 8,885 ▼ 4.77% CEPU 2,117 ▼ 3.25% MIRGOR 1,670 ▼ 1.18% COME 41.23 — 0.00% LOMA NEGRA 3,128 — 0.00% BYMA 279.75 — 0.00% TELECOM ARG 4,263 — 0.00% ECOPETROL 16.89 ▼ 0.71% BANCOLOMBIA 99.46 ▲ 1.47% GRUPO AVAL 5.44 ▲ 3.42% CREDICORP 381.10 ▲ 1.09% SOUTHERN COPPER 197.43 ▲ 1.52% BUENAVENTURA 35.22 ▲ 1.21% MERCADOLIBRE 1,878 ▼ 3.21% NUBANK 13.48 ▼ 1.25% XP 15.49 ▼ 0.13% PAGSEGURO 8.58 ▼ 3.54% STONE 9.90 ▼ 0.60% GLOBANT 37.29 ▼ 4.34% TECNOGLASS 42.21 ▼ 1.32% GAP AIRPORT 215.66 ▲ 0.97% ASUR 272.83 ▲ 0.44% OMA AIRPORT 109.20 ▲ 0.74% AMX ADR 23.42 ▼ 0.06% FEMSA ADR 118.45 ▲ 0.18% CEMEX ADR 11.30 ▲ 0.98% PETROBRAS ADR 17.93 — 0.00% VALE ADR 14.44 ▲ 0.84% ITAU ADR 7.41 ▼ 1.20% SANTANDER BR 5.80 ▲ 0.78% AMBEV ADR 2.85 ▲ 0.18% CSN 0.87 ▲ 0.52% GERDAU 4.82 ▲ 2.79% LATAM ADR 53.25 ▲ 0.45% BTC 63,569 ▲ 0.03% ETH 1,888 ▲ 0.38% SOL 75.74 ▼ 0.60% XRP 1.01 ▼ 1.08% BNB 611.01 ▼ 0.89% ADA 0.18 ▼ 2.32% DOGE 0.07 ▼ 2.10% AVAX 6.33 ▲ 0.14% LINK 8.75 ▼ 0.21% DOT 0.79 ▼ 0.22% LTC 45.37 ▼ 0.21% BCH 213.44 ▼ 0.09% TRX 0.34 ▲ 0.33% XLM 0.16 ▼ 0.77% HBAR 0.07 ▼ 0.73% NEAR 1.63 ▲ 0.92% ATOM 1.42 ▼ 1.32% AAVE 88.85 ▲ 0.69% SELIC 14.00% EMBRAER 92.35 ▼ 0.14% EMBRAER ADR 71.93 ▲ 0.76% JBS 13.03 ▲ 0.08% JBS BDR 68.36 ▲ 1.98% MBRF3 16.40 ▲ 1.49% MBRFY 3.13 ▲ 5.39% INTER 5.16 ▼ 0.77% EGX 55,040 ▲ 0.38% USD/ZAR 16.10 ▼ 0.66% USD/NGN 1,359 ▼ 0.08% NIKKEI 67,524 ▲ 0.83% CSI300 4,691 ▲ 0.58% HSI 25,440 ▼ 0.83% NIFTY 24,436 ▼ 0.15% KOSPI 6,579 ▲ 3.68% JCI 6,374 ▲ 1.69% USD/JPY 159.03 ▼ 0.15% USD/CNY 6.7302 ▼ 0.09% DAX 26,471 ▲ 0.30% CAC 8,688 ▼ 0.31% FTSE 10,833 ▼ 0.10% MIB 53,909 ▲ 0.38% IBEX 20,238 ▲ 0.12% STOXX 660.75 ▲ 0.04% EUR/USD 1.1557 ▲ 0.10% GBP/USD 1.3528 ▲ 0.18% SPX 7,747 ▲ 0.24% DJI 53,773 ▼ 0.04% NDX 29,797 ▲ 0.92% RUT 3,042 ▲ 0.48% TSX 36,591 ▲ 0.32% VIX 14.82 ▼ 3.01% USD/CAD 1.3908 ▼ 0.11% US10Y 4.6620 ▼ 0.47%
since 2009
Wednesday, August 12, 2026

Brazil In-Depth - Brazil

Tension Between Bolsonaro and Brazil’s Northeast Continues

By · August 6, 2019 · 4 min read

Daily Brief

The morning intel from across Latin America. Free.

By subscribing you agree to our privacy policy. We never share your email.

SÃO PAULO, BRAZIL – Tension between the government of president Jair Bolsonaro and the governors of nine Northeastern Brazilian states continues high. In the past few weeks, President Bolsonaro has demeaned people from those states and his administration has withheld investments from the region in retaliation for not voting for him during the 2018 elections.

Brazil,Brazil's President Jair Bolsonaro wearing a typical Northeastern hat last week during an inauguration in the state of Bahia.
Brazil’s president Jair Bolsonaro wearing a typical Northeastern hat last week during an inauguration in the state of Bahia. (photo by Alan Santos/PR)
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
RT
Ask Rio Times
This story and the bigger picture.
Open the full Ask Rio Times →

“He seems to have some resentment of the region for not voting overwhelmingly on him (in the elections); a resentment he has not gotten over,” Marco Antonio Carvalho Teixeira, political scientist and professor at Fundação Getulio Vargas (FGV) tells The Rio Times.

During last year’s presidential elections, Bolsonaro only received 30.3 percent of the votes from the Northeast, against 69.7 percent given to his adversary, Fernando Haddad of PT (Workers’ Party). The northeast was the only region of the country where Bolsonaro lost the elections to Haddad.

Days after taking office, Bolsonaro stated he hoped that governors of the regions would not come to him for help. “For them there, their president is in Curitiba,” he said, alluding to former President Luiz Inacio Lula da Silva, in prison in the southern city of Brazil, after being convicted of corruption and money laundering.

“It would be important for democracy if Bolsonaro could get past this resentment. The election is over, he is now the president of all Brazilians,” notes Teixeira.

And the animosity seems to be spreading to other parts of the Bolsonaro administration.
On Friday, August 2nd, a report by daily Estado de S. Paulo revealed that since Bolsonaro’s administration took office at the beginning of the year, state-owned Caixa Economica Federal, one of the main sources of funds to the states, made about R$89 million in loans to the region, only 2.2 percent of the total distributed to the entire country during the same period.

Brazil,President of Caixa Economica Federal, Pedro Guimarães, is said to have boycotted funds to the Northeast.
President of Caixa Economica Federal, Pedro Guimarães, is said to have boycotted funds to the Northeast. (Photo by Valter Campanato/Agencia Brasil)

According to the newspaper, bank officials and the administration’s economic staff had confirmed, under the condition of anonymity, that they were instructed not to authorize funds to the region upon more than one occasion. In an official note, however, Caixa’s management denied the boycott.

Over the weekend, after the report, more funds were authorized, and the proportion given to one of the country’s poorest region is now up to three percent.

After derogatory remarks about the population living in the Northeast and telling his aides he would “not give these people anything”, Bolsonaro tried to apologize somewhat by visiting the northeastern state of Bahia. But the signs of regret were short-lived.

On Monday, August 5th, president Bolsonaro said he would not discriminate against the region. “I will not deny anything to the (Northeastern) states. But if they [governors] really want this all to be taken care of, they will have to say that they are working with president Jair Bolsonaro. Otherwise, I will not have a conversation with them,” he said after the inauguration of an energy complex in Sobradinho, Bahia.

The visit comes days after Bolsonaro gave the green light for the federal government to begin the process of privatization of Eletrobrás, another item of tension between the administration and the Northeast.

One of Eletrobras’ subsidiaries, Chesf, is responsible for twelve hydroelectric plants in the region. The governors of the region are vehemently opposed to the privatization of these plants and had signed a letter during the former Temer administration requesting the exclusion of Chesf from the privatization plan. Local media reported Bolsonaro as stating that the opposition to the privatization is due to the fact that “most of the governors in the Northeast are socialists”.

The outbursts by the president and measures adopted by his administration have, however, brought the region’s governors closer together.

Brazil,The Northeast of Brazil is one of the poorest regions of the country,
The Northeast of Brazil is one of the poorest regions of the country. (Photo courtesy of EBC)

“It has actually brought them closer and that is good for the region,” says Teixeira, adding that some governors, like Bahia’s Rui Costa, actually moved closer to his left-wing colleagues than before the outbursts.

This approximation was visible last week when the nine governors created the Northeastern Consortium, an entity that will enable closer partnerships between the states of the region.

There are fears that this spat between the region and the administration may spill onto the legislative arena and delay projects in Congress.

Professor Teixeira notes, however, that the current tension is unlikely to hinder on-going votes. The approval of social security reform is practically guaranteed both in the Chamber of Deputies, where it will be voted in a second round in the coming weeks, as well as in the Senate.

Teixeira, however, says the administration may find it more difficult to pass other legislation through the upper house in the future.

“There are three senators for each state in the federation, so the Northeastern region has 27 of the 84 votes. This is definitely a power to be reckoned with if they decide to vote on an issue as a group. There may be some retaliation in the future,” he says.

Teixeira also notes that the country will face municipal elections in 2020 and Bolsonaro may lose even more support in the region. “Next year’s municipal elections may be catastrophic for Bolsonaro.”

According to the professor, the president needs to make amends with the region. “He needs to start looking electorally towards the future, and stop looking at the past and those who voted for him in 2018,” concludes Teixeira.

Read More from The Rio Times

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.