The news comes at an interesting time, there has been some recent heavy call buying in EWZ, and the ETF has held above the low of 9/10/15 which was the day after Standard & Poors downgraded Brazil to junk.
But it gets better. December by far has been the best month to own Brazil. In the last 15 years EWZ in December has enjoyed an average gain of +5.14% with a win ratio of 80%, it's been up 12 out of the last 15 Decembers. --Source PastStat