Brazilian President Jair Bolsonaro has vowed to respect the constitution and authorized the government to start the political transition after his loss to Luiz Inacio Lula da Silva.
While stopping short of formally conceding defeat, the brief remarks made by the president almost 48 hours after the election were seen by investors, analysts and the courts alike as enough of a gesture to lay to rest lingering concerns about a smooth transition of power.
"I’ve always been labeled as anti-democratic but unlike my accusers, I’ve always played by the rules,” Bolsonaro said Tuesday at his official residence in Brasilia. "As president and a citizen, I’ll continue to follow our constitution.”