Its a rather complicated situation.If you dont follow the story from the beginning and dont have some backstory in the situation on the country, its easy to get lost.Ill try to explain as best as I can, but its better if someone else who has a better understanding of the situation than me comes to explain it better.
The impeachment is happening now because evidences have been found of the president(Dilma Vana Rouseff) involvement in mismanagement of her dutys.I dont know the full extension of the charges, but the main charge against her is for the "pedaladas fiscais", which is considered a crime in the country.And even though there has also been found evidences of corruption, it is not within the charge itself because they were found later, after the first charges were brought.
What are "pedaladas fiscais"?Well, to put in simpler terms, are when the government try to hide its expenses from appearing, by not showing how much they spent to the banks and to the country.Since im not economist, Im not the best one to explain this,since even I dont understand it fully but ill try.Lets say the government spend 1000 dollars with expenses in January.That money needs to be passed along to the banks, either public or private.But in an attempt to make the government look better in the market and have better economic indicators, they withhold the money and just send, for example, 100 dollars to the bank, even though they spend 1000 dollars.This way, since the money never left the federal government, the expenses never show in the end, making the brazillian economy look better than it should.In simpler terms, its a way to disguise the actual economic scenario of the country.
Michel Temer is the vice president of the country(now president for at least 6 months), Renan Calheiros is the president of the brazillian senate and the Waldir is an deputy that got his 15 minutes of fame when he tried to cancel the impeachment and failed miserably.Since they are all politicians, they all have an part on the impeachment for obvious reasons.If you want to know more than that, you would need to know more about the politics in Brazil.
As to where this is heading, nobody truly knows.Again, if you want a better insight into this, you really need to study the background of the country and all the years of history that lead into this.There are others things in play, such as the deep corruption of the political system,and the hate people from Brazil(in general) feel towards the political party of Dilma, since it is atributed to them many of the disgraces that they have now on the country, due to several reasons that spans many years and even I dont fully know all of them.Its a complicated mess.