In the latest twist of a political scandal that has gone from bad to worse, Brazil's Supreme Court suspended the country's Lower House Speaker.
Eduardo Cunha, the man many see as the driving force behind the campaign to impeach President Dilma Rousseff, was removed from duty late on Thursday.
Cunha, an Evangelist Christian who often cites the Bible in his speeches, is accused of blocking an investigation into whether he took millions of dollars in bribes from companies hoping to sign contracts with state-run oil giant Petrobras. He is also accused of hiding bank accounts in Switzerland. Cunha has repeatedly denied any wrongdoing.
The Petrobras scandal – nicknamed Operation 'Lava Jato' (Operation Car Wash)– implicates an enormous amount of the country's politicians.
"Cunha is just one of numerous politicians in Brazil and especially in the Brazilian line of succession who could be losing their position over the coming months," said Jimena Blanco, head of Americas at Verisk Maplecroft, to CNBC on Friday.
"I think anyone who is looking at Dilma's potential impeachment as the end of the political crisis is at best misinformed… This is a process and the process will continue and it could mean political volatility for the rest of 2016, even into 2017," said Blanco.
Brazil, once touted as the successful example of the so-called emerging markets, has been embroiled in a political scandal that just keeps unraveling. At the heart of it, Rousseff, the country's first female president, is accused of tampering with government accounts to make her re-election campaign stronger – a charge she flatly denies.
Brazil's Senate will vote next week on whether to proceed with an impeachment trial against her. Should this go through, she will be suspended from office for 180 days while vice-president Michel Temer takes over as acting president. However, Temer himself is also implicated in the charges against Rousseff, as he ran as her VP in 2014.
"I think the fate of Rousseff is nearly settled now – she has lost the support she needed to prevent this impeachment," said Carlos Caicedo, Senior Principal Analyst at IHS, to CNBC on Friday.