Former Brazilian president vows to take back power in 2018

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Former Brazilian President Luis Inacio Lula da Silva has vowed to fight his conviction over corruption charges, and press on with his campaign to re-take the presidency in next year’s election.

Lula was convicted and sentenced to almost 10 years in prison over corruption charges on Wednesday. However, he denied all charges and vowed to return to power.

“I want to tell my fellow party members that until now I had not asked to be our presidential candidate. But as of now, I request the Workers Party to consider my name for the ballot in next years' presidential elections,” said Lula on Thursday in his first public address after the court rule.

There are still a lot of voters supporting Lula in BrazilI/VCG Photo

Despite all allegations against him, Lula has been leading ahead of all other potential contenders for president in the 2018 election.

Brazil's legal system may be his biggest obstacle. If an appeals court upholds his conviction, Lula would likely be jailed and barred from running for office for eight years after finishing his sentence.

Lula's supporters said his conviction was politically motivated, to crush his growing popularity.

The incumbent President Michel Temer is also walking on the ice/VCG Photo

Analysts said the absence of Lula on the ballot and a growing distaste for all major parties could open space for outsiders and newcomers in 2018.

Though financial markets responded positively to Lula's conviction and possible election ban, there’s concern that political instability could undermine Brazil's efforts to recover from recession.

Meanwhile, the current Brazilian President Michel Temer just survived his own parliamentary corruption vote on Thursday. Considering how struggling his government is at the moment, Temer may lack the strength to push ahead with the economic reforms that his country needs.