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International News

Jun 17, 2019
8:55AM

Brazil development bank chief quits, fueling political crisis

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The head of Brazil's powerful state development bank quit on Sunday, a day after far-right President Jair Bolsonaro threatened to sack him, fueling a political crisis.

Brazilian Development Bank (BNDES) President Joaquim Levy, former finance minister in the left-wing government of ex-president Dilma Rousseff, submitted his resignation after Bolsonaro said he had a "price on his head."

Mr. Levy's sudden departure follows a tumultuous week for a government less than six months into its term, in which Bolsonaro fired his third minister, retired general Carlos Alberto dos Santos Cruz, who had clashed with Bolsonaro's sons, and then sacked the head of Brazil's postal service.

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