A mock coffin with a photo of Brazil's President Michel Temer is lit by candles during a protest in Rio de Janeiro, Brazil, Thursday, May 18, 2017. (AP Photo/Silvia Izquierdo)
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Brazilian President Michel Temer's refusal to resign in the face of a Supreme Court investigation raises the prospect of a drawn-out fight for survival by an unpopular leader that would stall reforms, deter investors and leave Latin America's largest economy adrift.The prospect of Brazil tumbling back into political paralysis just a year after the impeachment of former President Dilma Rousseff sent the benchmark Bovespa stock index toppling 9 percent Thursday, its biggest daily decline since the 2008 financial crisis.In addition to the Supreme Court investigation, Temer faces growing calls for his impeachment and a legal battle over the alleged illegal funding of his 2014 campaign, when he ran as the vice presidential candidate to Rousseff.However, Temer can appeal any adverse ruling.If Temer is removed, the speaker of the lower house would take over for up to 30 days while Congress picks a new president to serve the rest of the presidential term until the end of 2018 .
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