We spoke to several Brazilian political analysts, and they set out four scenarios that would all lead to the same place: Temer’s exit.

But at what cost?

Brazil’s supreme court said prosecutors are investigating him for obstruction of justice and corruption, and a government witness claimed his company paid $1.5 million to Temer in bribes.

Last night, a stunning revelation interrupted the evening soap operas in Brazil: the President had been caught on tape discussing a bribe.

Today President Michel Temer made an astonishing national address this afternoon, in which he denied his participation in bribery and denied that he would be stepping down.

Overnight, American aftermarket indicators showed extreme drops in the value of Brazilian assets, suggesting that today would be a historic day for the Brazilian market.