Sovereign Sustainability

L’expression « cygne gris » désigne un événement possible et connu, potentiellement extrêmement significatif mais dont la survenance est jugée peu probable.

Luiz Inacio Lula da Silva narrowly won the second round of Brazil’s election, beating incumbent Jair Bolsonaro. Initial fears that Bolsonaro wouldn’t accept the result, particularly if it was tight, have receded. Bolsonaro said that he would follow the constitution and play by the rules, while his chief of staff, acknowledged the defeat.