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What is deal about Rousseff impeachment? Why now? What are the reasons behind this?

Basically...

The normal procedure in regards to social welfare in Brazil should be something like this: the federal government passes the money along to a bank (Caixa) and it becomes available to the families. What happened was that Caixa didn't receive the money from the government, so they had to use their own resources. What happened to the money that wasn't transferred by the government? Well... they spent it. Now we're eyeing a 10% inflation, not to mention our exchange rate has shot up and unemployment has risen to stratospheric levels. 

And that's a crime. There are laws in Brazil that limit government spending... and that move circumvented the fiscal laws we have (and the spending had Dilma's approval). Our government spent way more than they should have. Of course, you can just skip over taikamya's ignorance because the fact that previous governments did the same thing (not to the same extent) doesn't mean they shouldn't've been impeached.

Really, just skip over whatever the guy above said because he's ignorant through and through.

One could argue that a president being 100% ignorant of the corruption going on isn't qualified enough for the job. She must suck ass if she doesn't know what happens in Brasília.

Waldir Maranhao, Renan Calheiros, Michel Temer etc. Who are these people? I mean what their interest in the situation?

Michel is Dilma's vice. Now that she's being impeached, he takes charge. I don't know much about the other two, but they're just as corrupt as everybody else. Especially Renan Calheiros. 

How this will end up, your thoughts? What consequences are to be expected?

Nothing's gonna change. Our institutions are way too dominated by politics and there's a lot of interference in what Brazilians can or can not do. Changing governments could help a bit since the same political party's been in office for the past ~13 years, but it's like changing apples to oranges. Politicians are corrupt in and of themselves and it's not a new goverment that'll eradicate corruption, lol. We need less government, not more.