Here is a great article why Brazil is so unique in the emerging market space:

In shorts, the banking system as a whole cannot fail or suddenly seize up. Unlike EU or US, where so many banks compete for borrowers or clients and have razor thin margins.

The stock market as a whole will not stay low forever, because even as junk rated government bonds will recover because foreigners will thirst for the high yield. and that liquidity that will flow into Brazil again, will trickle down into the equity markets, and also help the Real rebound.

Thanks to the high interest rate cushion that the central bank gives on new government bonds and notes that it issues to investors ( mostly banks themselves) the banking system enjoys very high interest margins, gives them a safe haven to run to for continued interest income. This also causes borrowing to fall in recessions, and rise again before the recovery gets too strong. The largest publicly traded banks in turn pays shareholders nice dividends. Gotta love it as a shareholder, at least for the next upcycle.