Word: cardoso
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...PAULO: Brazilians -- at least some of them -- are ready for the knife. In gubernatorial elections in Sao Paulo, Brazil's largest and richest state, voters have reelected Gov. Mario Covas, a close ally of President Enrique Cardoso. That means the imminent implementation of Cardoso's own brutally honest reelection platform: more taxes, less spending and an IMF bailout that will make life tough on pretty much everybody...
Brazilians amended their constitution in 1997 to allow President Fernando Henrique Cardoso to seek a second term in last Sunday's election. Cardoso, 67, a left-wing academic turned free marketer, has stamped out hyperinflation and given many of his 165 million countrymen their first real faith in democracy, capitalism and Brazil's titanic potential. Another four years, they hoped, would complete the dream. But now they'll need Cardoso's leadership just to stop the country's sudden nightmare of recession, unemployment and staggering deficits...
Financial leaders in Washington and on Wall Street regard Cardoso as their best hope to preserve the credibility of the capitalist discipline they've sold to emerging markets during the past decade, a discipline now crumbling from Moscow to Malaysia. "They're seeing Brazil's struggle as a crucial stand for the orthodox model," says Emily Alejos, vice president for emerging markets at BEA Associates investment firm in New York City. And because it is the linchpin of the dynamic South American market, Alejos adds, "letting Brazil succumb to the global contagion would mean Argentina, Chile and other Latin American...
...Aides to Cardoso privately expressed hope that the promise of a bailout would bolster investor confidence in Brazil. But the country's President knows much more is required. Two weeks before the election, Cardoso went on national television and explained that the country will have to learn "to live within its means." Which means, for starters, that Mayor Almeida can expect...
...Washington doesn't want to publicize it yet, because there are still runoff gubernatorial elections in which Cardoso needs support," says TIME business reporter Bernard Baumohl. "The news that austerity measures are coming along with the bailout might cost him politically with constituents." But Cardoso is pressed for time. His best chance to get those painful budget cuts through Brazil's Congress is to move fast, while he's dealing with an outgoing group that's less likely to worry about short-term political fallout. That's a presidential problem Bill Clinton would love to have right now -- his Congress...