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Roberto Egydio Setubal, CEO of Itau Unibanco attends the closing session ‘The World-wide Agenda 2015’ in the Swiss mountain resort of Davos January 24, 2015. REUTERS/Ruben Sprich/File Picture

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SAO PAULO, July 26 (Reuters) – Major Brazilian bankers and businessmen issued a letter on Tuesday in protection of Brazil’s electronic voting method that has been attacked by much-proper President Jair Bolsonaro, and warned that the country’s democracy was in “grave danger.”

The manifesto, signed by some 3,000 foremost Brazilian figures, did not mention Bolsonaro by title, but obviously addressed the predicament he has triggered by questioning the voting procedure ahead of the Oct. 2 election and attacking Supreme Courtroom justices who oversee the elections in Brazil.

Their letter referred to “unfounded assaults” on the voting method, which Bolsonaro statements is susceptible to fraud, and “insinuations” that the election benefits will not be highly regarded.

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It was signed by Roberto Setubal, chairman of Itau Unibanco (SUZB3.SA), Walter Schalka, chief executive of pulp and paper multinational Suzano Papel e Celulose SA (SUZB3.SA), Guilherme Leal, co-chair of beauty maker Natura & Co (NTCO3.SA), between other small business leaders.

Former central lender president Arminio Fraga and previous finance minister Pedro Malan also signed, as did six previous justices of Brazil’s Supreme Court docket, and well-known singer Chico Buarque.

Bolsonaro, who is trailing previous leftist president Luiz Inacio Lula da Silva in the polls, has commonly criticized the voting procedure and proposed that the armed forces be involved in counting the votes.

He has termed for protests on Sept. 7 to back again his allegations, less than a month prior to election working day, raising fears that he will refuse to acknowledge defeat and could try out to set off a coup or encourage a mob of supporters to acquire to the streets.

“We ought to now be at the top of democracy, with unique political initiatives vying to persuade voters which is the best course for the state to choose in the future several a long time,” the manifesto stated.

“As a substitute, we are struggling with a moment of immense hazard for our democratic establishments and insinuations of contempt for the outcome of the elections,” the letter explained.

The signatories said Brazil’s digital voting process has been an case in point for the environment, ensuring the election of alternating functions in electrical power in a secure and reliable way.

“In present-day Brazil, there is no much more area for authoritarian setbacks,” the letter explained, recalling dictatorship and torture that Brazil experienced in the previous underneath armed forces rule.

Bolsonaro’s main of team, Ciro Nogueira, responding to the proclamation, stated on Twitter bankers were upset with the president mainly because he had recognized the independence of the central lender, and banking institutions had shed a lot more than 30 billion reais ($5.6 billion) in transaction fees owing to a new process for electronic payments.

($1 = 5.3511 reais)

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Reporting by Lisandra Paraguassu in Brasilia and Alberto Alerigi and Aluisio Alves in Sao Paulo
Creating by Anthony Boadle
Editing by Matthew Lewis

Our Expectations: The Thomson Reuters Believe in Principles.

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